Among the 33% of Canadians using AI to help manage their finances.
The most common uses include: Learning more about personal finance topics (45%), creating and/or updating household budgets (43%), identifying new investment strategies (42%), bilding savings (40%), and creating and/or updating their financial plans (40%).
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This is according to The BMO Real Financial Progress Index.
While AI is helping Canadians manage some aspects of finances, over two thirds (68%) say AI cannot understand how emotions influence financial planning.
“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, Everyday Banking Segment & Customer Growth, BMO. “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 survey highlights how AI is continuing to shape how Canadians learn, work and communicate
More than half are using AI to ask questions about topics of interest and 37% are using the technology for data analysis.
Over a third are leveraging AI to build business, travel, exercise and meal plans (36%) and manage their schedules (36%).
As Gen Z Canadians begin navigating life changes, over half are leveraging AI to plan for upcoming financial milestones, more than any generation. Gen Z are the most likely to use AI to ask questions about topics of interest (79%), create written drafts (72%), build business, travel, exercise and/or meal plans (63%), and manage their finances and investments (55%).
The increased adoption of AI-powered tools coincides with Gen Z’s ongoing life changes and their growing concerns about their finances. In the last six months, 24% of Gen Z attended university or college, 20% switched jobs, 15% needed to make a large purchase such as a car, home, etc., and 13% started a business.
