A recent survey conducted by Money Mentors, a non-profit credit counseling agency based in Alberta, revealed that one in five Albertans sought financial advice from artificial intelligence tools, showing the highest rate compared to other Canadian provinces. The poll, conducted in conjunction with Angus Reid, found that 21 percent of Albertans utilized AI tools such as ChatGPT, Claude, or Gemini for financial guidance in the past year, exceeding the national average of 15 percent.
Additionally, the survey indicated that 21 percent of respondents in Alberta turned to social media platforms like TikTok, Instagram, YouTube, or Reddit for financial advice, compared to 16 percent nationally. The report titled “Financial Advice in the Age of Social Media & AI,” released by Money Mentors, highlighted the increasing trend of seeking financial guidance online, encompassing AI, social media, websites, and podcasts. Nearly one in three respondents nationwide (32 percent) relied on digital sources for financial information, with Albertans leading at 41 percent.
According to Stacy Yanchuk Oleksy, CEO of Money Mentors, the survey findings raised concerns as the advice obtained from AI tools is not regulated, posing risks for consumers if the advice turns out to be inaccurate. Yanchuk Oleksy emphasized the importance of using AI as a tool in conjunction with professional financial advice to ensure comprehensive and reliable guidance.
Chris Frei, a professor specializing in mathematical finance and risk management at the University of Alberta, noted that while AI and social media can offer accessible financial information for some individuals, they may not always provide personalized advice tailored to specific financial situations. Frei recommended using AI chatbots as a starting point for financial education but stressed the need to consult experts for tailored advice.
Dana DiTomaso, founder of Kick Point, emphasized the value of AI chatbots for learning basic financial concepts but cautioned against relying solely on AI-generated advice. DiTomaso advised users to critically evaluate AI recommendations and seek additional information from reputable sources. She also encouraged individuals to engage with financial professionals to ensure accurate and personalized financial guidance.
Despite the growing reliance on digital platforms for financial advice, a significant portion of Albertans (41 percent) still preferred traditional sources such as banks, credit unions, or licensed financial professionals for financial guidance, slightly below the national average of 44 percent.