Albertans leading Canada in seeking financial advice from AI
One in five Albertans surveyed used ChatGPT or similar tools for money guidance last year — the highest rate in the country. Experts warn unregulated advice carries real risks.
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Albertans are turning to artificial intelligence for financial advice more than residents of any other province, according to a new poll — but experts warn the trend comes with significant risks.
Twenty-one per cent of Albertans surveyed said they used AI tools such as ChatGPT, Claude, or Gemini for financial guidance in the past year, compared to 15 per cent nationwide. The same proportion — 21 per cent — said they sought financial advice on social media platforms including TikTok, Instagram, YouTube, and Reddit, also the highest rate in Canada.
Money Mentors, an Alberta-based non-profit credit counselling agency, conducted the poll with Angus Reid from May 19 to 21, surveying 1,501 Canadian adults including 168 from Alberta. The findings were released Wednesday in a report titled "Financial Advice in the Age of Social Media & AI."
Overall, 41 per cent of Albertans sought financial advice from online sources — the highest rate across the country.
Stacy Yanchuk Oleksy, CEO of Money Mentors, expressed concern about the shift. "That advice is not regulated," she said. "If it goes south — and it can go south — that consumer has no recourse whatsoever because they got the advice from AI."
When people consult certified financial planners, they have consumer protections; AI-generated guidance offers none. Yanchuk Oleksy urged people to view AI "as a tool, not the whole thing."
Survey respondents cited speed, convenience, and freedom from judgment as reasons for choosing digital sources. Nearly half of Alberta respondents said they wanted to educate themselves before meeting with a professional. Some people also risk identity theft by uploading personal financial information, bank statements, and account details to AI platforms.
Money Mentors encourages people to use non-profit credit counselling services provided by professionals paid to serve Canadians, not to sell products.