Survey Finds 33 Percent of Canadians Utilizing AI for Financial Management

August 1, 2024 TruthUSA

One-third of Canadians are utilizing artificial intelligence as a tool for managing their finances and investment portfolios, as indicated by a BMO survey.

Artificial intelligence (AI) is particularly popular among younger Canadians, according to BMO’s Real Financial Progress Index, with 55 percent of Gen Z respondents utilizing AI to assist with financial matters.

Although only 33 percent of respondents across all age groups use AI, the survey reveals that the most common usage, at 45 percent, is for educating themselves on personal finance topics.

Forty-three percent utilize AI for creating or updating household budgets, while 42 percent use it to explore new investment strategies. Additionally, 40 percent of those surveyed use AI for building savings and developing or updating financial plans.

Over half of the respondents believe that AI can help them make more informed financial decisions and enhance accessibility to financial planning.

Despite the increasing popularity of artificial intelligence, 68 percent of Canadians surveyed by Ipsos for the bank’s index report that they do not think AI understands how emotions influence financial planning.

Of those who are not currently using AI for personal financial management, 30 percent are contemplating using it to expand their knowledge on personal finance topics. Additionally, 28 percent are open to using it to increase savings, while 27 percent are considering it for finding new investment strategies or creating a household budget. Twenty-two percent are thinking about using it for retirement planning.

How Canadians Are Using AI

Financial matters are not the only area where Canadians are increasingly integrating AI. The survey shows that AI is also being utilized for work and communication.

Fifty percent of the respondents are using AI to inquire about topics of interest, while 37 percent are using the technology for data analysis.

Productivity planning is another typical use of AI, with 36 percent using it for creating business, travel, exercise, and meal plans, as well as managing schedules.

Many Canadians are also leveraging AI in their creative processes, with 41 percent using it for drafting written content and 39 percent using it for photo and/or video editing.

General use of AI is even more prevalent among Gen Z users, with 79 percent of individuals aged 27 and under using AI to inquire about topics of interest, 72 percent using it for drafting written content, and 63 percent using it for creating various plans.

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