Increasing number of Canadians using AI to manage finances: BMO data

New data suggests that rising numbers of Canadians are using artificial intelligence (AI) to manage their finances.

 

According to BMO’s Real Financial Progress Index report released Monday, up to 33 per cent of Canadians lean on AI to learn about personal finance topics, establish household budgets, identify investment strategies and update their financial plans.

 

The data shows that up to 55 per cent of the surveyed respondents who fall into the Gen Z category use AI to manage their investments, a percentage which BMO says is “more than any other generation,” according to a press release.

 

“AI is a transformative technology that can instantly analyze information and generate ideas, but people’s relationship with money is complex, personal and emotional,” said Gayle Ramsay, head of Everyday Banking Segment and Customer Growth at BMO, in the press release.

“By making it easier to help manage finances, AI is proving a powerful tool to build financial literacy and make informed financial decisions, and together with guidance from a professional advisor, more Canadians can be empowered to conveniently manage their money, achieve their goals and make real financial progress.”

 

The data also shows that of the 85 per cent of Canadians who believe they are making “real financial progress,” 78 per cent are “confident in their financial situation” and 44 per cent believe “AI-powered tools can help them make real financial progress,” the release says.

 

Methodology:

The research detailed in this document was conducted by Ipsos in Canada from June 3rd to 20th, 2024. A sample of n=2,500 adults ages 18+ in Canada were collected via the Ipsos panel.

 

Quotas and weighting were used to ensure the sample’s composition reflects that of the Canadian population according to census parameters.

 

This survey has a credibility interval of +/- 2.4 per cent 19 times out of 20, of what the results would have been had all Canadian adults 18+ been surveyed.

 

 

 

This article was first reported BNN Bloomberg