Canadians are increasingly adopting artificial intelligence to manage personal finances. From tracking spending to automating investments, AI is playing a growing role in how individuals approach money management in a high-cost economy.
A July 2024 Ipsos poll commissioned by BMO found that 33% of Canadians use AI for financial purposes. Among those users, 45% apply it to learning about personal finance, 43% use it to help manage household budgets, and 42% percent rely on it for identifying investment strategies. Younger Canadians, particularly members of Gen Z, are leading adoption, with over half of them using AI to support financial decisions.
Financial advisor Serge Robichaud, based in New Brunswick, says interest in these tools is increasing across all age groups. He notes that many clients are seeking more real-time insight into their money habits and want systems that provide a sense of structure without needing extensive financial training.
“Clients are asking better questions because they have more access to their own financial data. AI tools are helping people see their finances in real time, and that level of awareness is making a difference,” says Robichaud.
Canadian banks and fintech firms have responded to rising interest by integrating AI into core services. RBC’s NOMI Insights tool uses machine learning to analyze user transactions and offer personalized financial suggestions. Wealthsimple, Qtrade, and other fintechs offer sites that can automatically rebalance portfolios, track financial goals, and estimate savings potential based on account activity.
The appeal of these tools is their ability to assist with daily financial tasks. Users receive prompts to set aside funds, alerts for suspicious transactions, and visual feedback on progress toward savings goals. Some AI is also used to provide basic tax optimization recommendations, credit monitoring, or cash flow projections from various accounts.
Robichaud believes these systems can play a supportive role in financial planning. “The technology allows users to take small, consistent steps toward better financial habits. It’s not a replacement for professional advice, but it gives people more structure and confidence in between those conversations,” he says.
Despite AI’s growth, many Canadians remain cautious. The Ipsos poll also revealed that 68% of Canadians do not believe AI understands the emotional or behavioural aspects of financial decision-making. Security remains a big concern, particularly as more platforms request access to sensitive banking and investment data.
Most major financial tools encrypt user data and include multi-factor authentication, but questions remain around how data is stored and shared. Financial regulators have started reviewing how algorithm-based decision-making might influence consumer protections, particularly in credit approvals and investment suitability.
Robichaud encourages clients to remain engaged with their finances even when using automation. “Algorithms are only as good as the inputs they receive. People still need to think critically about the advice being given. That’s where financial literacy comes in,” he says.
Statistics Canada reports that 82% of internet users conducted online banking in 2022, and usage is still growing in all provinces. This digital familiarity has made it easier for Canadians to use tools that offer AI-powered recommendations. For many, these tools act as a guide through daily financial decisions, something that Robichaud says is valuable when used in the right context.
With AI tools evolving, banks and fintech companies are working to offer more personalization. Algorithms are now trained to identify spending categories, project monthly balances, and flag unusual charges. Many platforms also allow users to connect multiple accounts, offering a consolidated financial view.
Surveys suggest that younger generations are the most enthusiastic users. Nearly 40% of Canadians under 35 report using AI for at least one aspect of their finances. Traditional financial institutions are adapting by creating their own tools or working with fintech developers to retain this digital-first demographic.
Robichaud believes transparency will determine how these tools are used over time. “Trust is everything in financial planning. The more transparent these platforms are about how they analyze your data and generate advice, the more confidence users will have using them long term,” he says.
As Canada’s cost of living continues to place stress on households, many are seeking new ways to manage debt, build savings, and prepare for the future. AI-driven tools may not offer a permanent solution, but they are quickly becoming a meaningful resource for personal finance.
With the right oversight, financial literacy, and access to safe platforms, Canadians might find that AI can serve as a helpful guide—offering insights, routines, and nudges that support long-term financial wellness.
