For many years, AI has been a place mostly for asking general questions about budgeting, investing, or credit. Now it’s getting closer to being an active participant in our financial lives. Asking ChatGPT to explain how a TFSA works is very different from providing your transaction history, spending habits, debts, and account balances. The discussion moves from education to personalization, raising new questions about privacy, trust, and accountability.
The timing is interesting, because it comes amid a growing debate over how much consumers should trust AI when it comes to money. That debate spread to many recently when best-selling author and podcast host Mel Robbins encouraged people to upload their financial information to AI tools and ask for guidance. The recommendation drew immediate backlash from financial experts and privacy advocates, who questioned the risks of sharing sensitive information and the wisdom of relying too heavily on AI-generated advice.
The criticism was not really about Mel Robbins but something much bigger: Who do we trust with our money?
Canadians are already turning to AI for financial guidance
According to new research from Money Mentors, one in seven Canadians (15%) have turned to AI tools like ChatGPT, Claude, or Gemini for financial guidance in the past year, a proportion that was absent three years ago. Go back to online sources more broadly (social media, AI, podcasts, news articles, and books) and the number rises to nearly a third (32%).
Change happens sharply. 47 per cent of Canadians aged 18 to 34 sought financial advice online in the past year, compared to 17 per cent of those aged 55 and over. Gen Z reported the highest use of social media for financial guidance, while millennials are the most likely to reach out to AI.
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What’s more interesting is why. Of Canadians who seek advice online, 69% said online information is quick and easy to access. But the reasons quickly become less practical and more personal: 36% said online advice felt relatable or easy to understand, 27% valued accessing information anonymously, and 23% said they could get advice without feeling judged. For many, AI and online sources were no substitute for professional advice. They bridged the gap between confusion and confidence.
That would say as much about Canadians as it does about AI: talking about money is difficult. Not because budgeting and investing is complicated; Most of the advice comes back to the same basics, like spending less than you earn and saving consistently. The challenge is that money is emotional. It causes stress, fear and uncertainty, and many families still consider it something that should not be discussed openly.
I can’t remember the last time I had a really honest conversation with my friend about money. Not a conversation about inflation or mortgage rates, but a real one, the kind where someone admits they’re worried about debt, not sure if they’re saving enough, or worried about retirement. Those conversations seem to be rare. Social media didn’t help either.
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Social media has made us visible in other people’s lives like never before. We see holidays, renovations, new cars, investment wins and hustle and bustle that seems to print money. What we don’t see are missed payments, worries, poor decisions or sleepless nights.
The result is a strange contradiction. Canadians have more access to financial information than ever before, but many seem uncomfortable discussing it openly. That may explain why so many turn to places that feel less intimidating than traditional channels, be it AI, Reddit, YouTube, or online communities, where they can learn privately and ask questions without embarrassment. That creates a vacuum, and whenever a vacuum exists, something fills it.
Today, that something is increasingly digital, and increasingly AI. Not because AI is more knowledgeable than financial experts, but because it removes the emotional barriers that prevent people from seeking help in the first place. You don’t judge. It doesn’t interfere. It doesn’t make you feel ashamed for asking a question you think you should already know the answer to.
The question is no longer whether AI can help us learn about money, but how much of our financial health we are willing to surrender to get that help.
The problem is not knowledge. Trusting each other.
We no longer suffer from a lack of knowledge. If you want to learn about TFSAs, RRSPs, mortgages, investing, or debt settlement, there are thousands of articles, videos, podcasts, and online communities at your fingertips. Financial literacy is more accessible than ever. The problem is deciding who to trust.
The rise of “finfluencer” has only complicated issues. Some creators offer thoughtful, responsible education. Others promote affiliate links, sponsorships, courses, or products. That doesn’t automatically make their advice bad, but it does mean understanding the motivations behind the content. We saw it with cryptocurrency. We saw it during the day trading. Every few years, a new trend comes along with an army of Internet experts promising shortcuts to wealth. The fields change and the advice changes, but the challenge remains the same.
Who should you believe?
Artificial intelligence occupies an unusual middle ground. Unlike finfluencer, it does not try to build a personal brand. Unlike a consultant, it doesn’t ask you to schedule an appointment. Unlike a friend, it does not carry years of personal history or judgment into the conversation.
