Trust, money, and AI: What Canadians are really wrestling with

For years, AI was mostly a place to ask general questions about budgeting, investing, or debt. Now it’s moving closer to becoming an active participant in our financial lives. Asking ChatGPT to explain how a TFSA works is very different from giving it your transaction history, spending habits, debts, and account balances. The conversation is shifting from education to personalization, raising new questions around privacy, trust, and responsibility.

The timing is interesting, because it comes amid a growing debate about how much trust consumers should place in AI when it comes to money. That debate spilled into the mainstream recently when bestselling author and podcast host Mel Robbins encouraged people to upload their financial information into AI tools and ask for guidance. The recommendation drew immediate pushback from financial professionals and privacy advocates, who questioned the risks of sharing sensitive information and the wisdom of leaning too heavily on AI-generated advice.

The criticism wasn’t really about Mel Robbins but something much bigger: Who do we trust with our money anymore?

Canadians are already turning to AI for financial guidance

According to new research from Money Mentors, one in seven Canadians (15%) turned to AI tools such as ChatGPT, Claude, or Gemini for financial guidance in the past year, a category that barely existed three years ago. Step back to online sources more broadly (social media, AI, podcasts, news articles, and books) and the number climbs to nearly one in three (32%).

The shift is sharply generational. Forty-seven percent of Canadians aged 18 to 34 sought financial advice online in the past year, compared to just 17% of those 55 and older. Gen Z reported the highest use of social media for financial guidance, while millennials were the most likely to reach for AI.

What’s more interesting is why. Among Canadians who sought advice online, 69% said online information is simply faster to access. But the reasons quickly become less practical and more personal: 36% said online advice feels more relatable or easier to understand, 27% valued accessing information anonymously, and 23% said they could get advice without feeling judged. For many, AI and online sources weren’t replacing professional advice. They were filling the gap between confusion and confidence.

That may say as much about Canadians as it does about AI: talking about money is hard. Not because budgeting and investing are complicated; most advice circles back to the same fundamentals, like spending less than you earn and saving consistently. The challenge is that money is emotional. It evokes stress, fear and uncertainty, and many families still treat it as something that shouldn’t be openly discussed.

I can’t remember the last time I had a truly honest conversation with a friend about money. Not a chat about inflation or mortgage rates, but a real one, the kind where someone admits they’re worried about debt, unsure whether they’re saving enough, or anxious about retirement. Those conversations seem increasingly rare. And social media hasn’t helped.

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The performance of financial success

Social media has given us unprecedented visibility into other people’s lives. We see vacations, renovations, new cars, investment wins and side hustles that look like they’re printing money. What we don’t see are the missed payments, the anxiety, the poor decisions or the sleepless nights behind the scenes.

The result is a strange contradiction. Canadians have more access to financial information than ever, yet many seem less comfortable discussing it openly. That may explain why so many turn to places that feel less intimidating than traditional channels, whether it’s 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 professionals, but because it removes the emotional barriers that stop people from seeking help in the first place. It doesn’t judge. It doesn’t interrupt. It doesn’t make you feel embarrassed 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 lives we’re willing to hand over in exchange for that help.

The problem isn’t information. It’s trust.

We are no longer suffering from a lack of information. If you want to learn about TFSAs, RRSPs, mortgages, investing, or debt repayment, there are thousands of articles, videos, podcasts, and online communities at your fingertips. Financial literacy is more accessible than ever. The problem is determining who deserves your trust.

The rise of the “finfluencer” has only complicated matters. Some creators provide thoughtful, responsible education. Others are promoting affiliate links, sponsorships, courses, or products. That doesn’t automatically make their advice bad, but it does mean understanding the incentives behind the content. We saw it with cryptocurrency. We saw it with day trading. Every few years, a new trend arrives with an army of online experts promising shortcuts to wealth. The platforms evolve and the advice changes, but the challenge remains the same.

Who should you believe?

AI is a tool, not a replacement for judgment

Artificial intelligence occupies an unusual middle ground. Unlike a finfluencer, it isn’t trying to build a personal brand. Unlike an advisor, it isn’t asking you to schedule an appointment. Unlike a friend, it doesn’t carry years of personal history or judgment into the conversation.

For many Canadians, that makes it feel safer. For newcomers, it can be especially appealing: learning a new financial system means navigating unfamiliar concepts like credit scores, RRSPs, and Canadian tax rules, and asking AI feels less intimidating than admitting confusion to a banker or colleague. But this isn’t just a newcomer story. Whether you were born in Canada or arrived yesterday, most of us want the same thing: guidance that feels accessible, understandable, and trustworthy.

The risk is that accessibility can be mistaken for expertise. A common misconception about AI is that it’s giving personalized advice. In reality, it’s often synthesizing existing sources and presenting them in a way that sounds remarkably confident. Sometimes that information is excellent, sometimes incomplete, and sometimes it lacks the context you need to make a good decision.

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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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Personal finance is personal for a reason: the same recommendation can be right for one person and wrong for another, depending on income, debt, family circumstances, goals, risk tolerance, and even where you live.

The survey reflects that tension. While nearly three-quarters of Canadians (73%) still say they trust a bank, credit union or licensed professional, trust alone isn’t always enough to drive people toward qualified support. Most striking of all, more than one in four (27%) said they didn’t seek professional advice because they didn’t think their situation was serious enough, a perception that can quietly delay help until problems have compounded. That balancing act, between convenience and due diligence, may become one of the defining personal finance challenges of the AI era.

As Stacy Yanchuk Oleksy, CEO of Money Mentors, puts it: “No matter where you turn for financial advice, the basics are still the same. Question everything because it’s your money! Ask questions, understand who’s giving the advice, and think critically before acting on it. Canadians have more access to financial information than ever before through AI tools, social media, and online communities, which can be a great starting point for learning. But convenience shouldn’t replace due diligence. At the end of the day, it’s your money, your goals, and your financial future, so take the time to understand the source, verify the information, and make sure it applies to your situation before making a decision.”

How to use AI without outsourcing your financial future

Stacy offers several recommendations for Canadians navigating the growing volume of financial information online:

1. Do your research on who’s giving you advice. Just because advice is free doesn’t mean it’s without risk—the wrong advice can be costly when it affects your savings, investments, debt strategy, or credit. Look into who’s providing it. Do they have Canadian credentials or certifications? Are they regulated federally, provincially, or not at all? Are they sharing educational information, or actively telling people what to do with their money? A lack of qualifications or licensing should be a red flag, particularly when someone is presenting themselves as an expert.
2. Ask whether the advice is right for you. One of the biggest mistakes people make is assuming advice that worked for someone else will automatically work for them. Your income, debt, family situation, goals, risk tolerance, and location all influence whether a recommendation actually fits—so ask whether it suits your circumstances rather than someone else’s.
3. Be a critical thinker. Before taking advice at face value, ask a few simple questions: What are they trying to sell me? Why do I need this now? Who benefits if I follow this advice? Many influencers are compensated through affiliate links, sponsorships or paid partnerships. That doesn’t automatically make the advice bad, but it does mean you should understand the motivation behind the message. Sometimes the best financial decision is realizing the advice doesn’t apply to you and continuing to scroll.
4. Be skeptical of advice that promises quick results. If it seems too good to be true, it probably is. Financial advice often goes viral because it’s presented as fast, easy or inexpensive, but building stability rarely happens overnight. Be cautious of anyone promising guaranteed returns, quick wealth or effortless passive income. Good financial management requires patience, discipline and consistency—and shortcuts are often more expensive than they appear.
5. Treat social media and AI as a place to gather information, not as a final destination. These tools can help you understand concepts, explore options and become a more informed consumer. But they shouldn’t be the final source you rely on before making important decisions. Use them as a starting point, then verify what you’ve learned through trusted Canadian sources or qualified professionals—particularly when decisions involve debt, investing, borrowing, or long-term planning.

The bottom line

The question is no longer whether AI will play a role in our financial lives. It already does. Canadians are using it to learn about money, explore options, and answer questions they may not feel comfortable asking elsewhere, and with platforms now moving toward direct banking integrations, that role is only going to grow.

That has enormous potential, but it also comes with responsibility. AI can explain what an RRSP is, compare mortgage options and show you how compound interest works. What it cannot do is take responsibility for the decisions you make. 

In a world where financial advice is available at the click of a button, the most valuable skill may not be finding information, it will be learning who, and what, to trust.

About Vickram Agarwal

Vickram Agarwal is a multiple-time founder and award-winning entrepreneur. He leads S1:E2, a business strategy consulting firm, and contributes to The Globe and Mail, Entrepreneur Magazine, and Inc.

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