Financial Advice in the Age of Social Media & AI Report

With affordability pressures continuing to weigh on households, many Canadians are looking for fast, accessible financial guidance online before finding free or low-cost non-profit support, according to the Financial Advice in the Age of Social Media & AI Report conducted by us in partnership with Angus Reid.

One in seven Canadians (15%) turned to AI tools such as ChatGPT, Claude or Gemini for financial guidance in the past year. By comparison, only 6% have ever used a non-profit financial counselling or debt support service, despite these services being free or low-cost.

Alberta is at the leading edge of the trend. More than four in 10 Albertans (41%) sought financial advice online in the past year, the highest rate in the country and well above the national average of 32%. Albertans were also the most likely Canadians to consult AI tools (21%) and social media (21%) for financial guidance.

The survey reveals that online advice is influencing real financial decisions, yet many Canadians remain disconnected from free or low-cost non-profit support. 51% were unaware these services existed, while another 38% knew about them but had never accessed them.

A Generational Shift in Where Canadians Get Financial Advice

Photo: Plann / Pexels

Nearly one in three Canadians (32%) turned to online sources for financial advice in the past year, including social media, AI tools, podcasts, news articles or books. The shift is most pronounced among younger Canadians:

47% 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 (37%) and AI tools (22%) for financial guidance of any age group.
Across all Canadians, 15% used AI tools such as ChatGPT, Claude or Gemini in the past 12 months, a category that barely existed three years ago.

What Are Canadians Actually Looking For When They Seek Financial Advice Online?

While Canadians continue to trust traditional financial professionals most, many are increasingly turning online for financial guidance that feels faster, more relatable and easier to access.

Nearly three-quarters of Canadians (73%) said they trust a bank, credit union or licensed financial professional for financial advice or guidance. However, among Canadians who sought financial advice online:

69% said online information is faster to access.
47% said they prefer to educate themselves before speaking with a professional.
36% said online advice feels more relatable, personal or easy to understand.
27% said they can access information anonymously.
23% said they can receive advice without feeling judged.

While traditional financial sources remain the most trusted overall, trust alone is not always enough to drive people toward qualified support.

Canadians Are Making Real Financial Decisions Based on Online Advice

Canadians are using digital guidance for real financial choices, where mistakes can be costly. Among those who sought financial advice online, the decisions most likely to be directly influenced included:

37% savings decisions involving TFSAs, RRSPs or emergency funds.
37% investment decisions, including stocks, ETFs or cryptocurrency.
28% budgeting or day-to-day expense decisions.
23% paying down or managing debt.
18% applying for a credit card, loan or line of credit.
7% managing a Buy Now, Pay Later expense.

While 56% of online advice users said the advice had a positive impact on their financial situation, a significant share could not confirm that it improved their finances. More than one-quarter (26%) said it had no real impact, while 16% said it was too early to tell or they were not sure.

Canadians Are Not Just Avoiding Costs — They Are Also Avoiding Pressure, Judgment and Early Intervention

Many Canadians are seeking guidance that feels faster, less intimidating and easier to access. Among Canadians who used online financial advice:

34% said they did not want to feel pressured by a professional.
34% found other sources faster or more convenient.
28% wanted advice that was easier to understand.

One of the most striking findings: more than one in four Canadians (27%) said they did not seek professional financial advice because they did not think their situation was serious enough, a perception that Money Mentors warns can quietly delay help until problems have compounded.

“The most concerning findings in this report are not that Canadians are using AI or social media. It is that more than one in four did not reach out for professional help because they did not think their situation was serious enough,” says Stacy Yanchuk Oleksy, CEO of Money Mentors. “We see this every day. By the time people come to us, they have often been carrying financial stress for months or years. Online research can be a starting point, but it should not be the final word on debt, credit or investing. Free, accredited help exists in every province. The earlier people reach out, the more options they have.”

A Free, Government-Backed Option Most Canadians Have Not Heard Of

Two people at desk reviewing documents
Photo: Mikhail Nilov / Pexels

For Canadians struggling with debt, one of the most effective forms of help remains one of the least known. The Orderly Payment of Debts (OPD) program is a federally-recognized debt repayment program that allows Canadians to consolidate unsecured debts into a single monthly payment with interest reduced or eliminated, without filing for bankruptcy or a consumer proposal.

As the exclusive non-profit administrator of the OPD program in Alberta, Money Mentors offers free credit counselling and debt solutions to individuals, couples and families. If you are feeling financial pressure or are unsure where to turn, reaching out early means more options.

Get the Financial Guidance You Can Trust — For Free

Online advice can be a useful starting point, but it should not be your last stop when it comes to debt, credit or managing money. At Money Mentors, we provide free, unbiased financial counselling from accredited professionals who are not trying to sell you anything. There is no pressure, no judgment, and no cost.

If your finances feel overwhelming or you are not sure where to start, we are here to help.

Call 1-888-294-0076 to speak with a Certified Financial Counsellor today.

Methodology

These findings are from a survey conducted by Money Mentors from May 19 to 21, 2026, among a representative sample of 1,501 Canadian adults who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of approximately +/- 2.5 percentage points, 19 times out of 20.

What our clients have to say

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Meara L P.

6 months ago

Today I finished paying off my OPD program debt! I can’t thank Yve Boucher and the others on the Money Mentors team enough for all of their guidance. Throughout the 2 years that I worked with Yve she was always a call or an email away and I received guidance when I needed it and in a timely manner. I recommend Money Mentors to anyone that is struggling to get back into good financial shape. Shanae!! Meara Unfortunately, the debt was created by my half sibling and my father from stealing and reselling my property and not paying my bills and stealing my profits. So that’s awesome.. sometimes it’s not your fault.

Response from the owner:Thank you, Meara, for your kind words and congratulations on completing your OPD program! We’re thrilled that Yve and our team could support you throughout your journey. Your recommendation means so much to us, and we’re here if you ever need guidance in the future. Wishing you continued success and financial peace!

Barbara

7 months ago

I am ashamed to be writing this review so many months after receiving the wonderful and timely advice from Alexander Martin, Counsellor with Money Mentors, Calgary, Alberta. I contacted him after carefully reviewing their website, back in November of 2024, and he graciously and extremely patiently explained the various aspects of handling my personal debt. I was so ashamed for allowing myself to fall into this trap of credit card debt. I should have known better. And for that reason, I was adamant that I needed to pay off the debt myself. I was not prepared to forgive myself for the fact that had I not been diagnosed with 3 types of cancer in 2016 and forced to quit work, I would have been able to meet my own commitments, but I chose to remain angry, lonely, and growing further in debt with increasing interest fees monthly. I was 75, and if I could just get a part time job... but after a whole year of applications and job fairs, that was not to be. Alexander was so kind; he explained the facts, and how so many Canadians fall into this trap annually, whether through illness, bad choices, job loss, or whatever other circumstance. He eased my guilt, and allowed me to see the light again. While Money Mentors does not handle the particular solution to my own problem, he was the guiding light on my journey towards the rest of my life and freedom. I did not bite the bullet finally until August of 2025, by the time I selected a Trustee to work with, but I am now well on my way. Thank you Alexander; I could not have done it without you! Barbara

Ron H.

2 years ago

Money Mentors rescued me from a debt problem I could never seem to overcome. After years of best intentions, trying to be responsible, borrowing from one source to pay another, and then losing my job, it became impossible to just get by another month. The stress and anxiety were bringing me down, and worse, bringing my wife down with me. I feared it would feel like defeat, and an embarrassment, to reach out for help, but I could not have been more wrong. I reached out to Money Mentors. We met with Alexander Martin who guided us through our options and setting up my OPD program. Alex was fantastic – empathetic, patient, kind, informative and thorough. For the first time in years it felt like there was light at the end of the tunnel. The strain and stress on our immediate lives changed almost overnight. It has taken some time, but the debt is now cleared. My responsibilities to creditors have been met, which was important to me personally. My wife and I communicate better about finances and budgeting. Now I’m working on gradually restoring my credit record to good standing, with a clear plan and timeline in place to accomplish that. I can’t imagine getting here without the incredible help of Money Mentors, we’re very grateful. Thank you, Alex!

Response from the owner:Thank you so much for sharing your journey and leaving such a thoughtful review. Your words beautifully capture the challenges you faced and the courage it took to seek help. We’re so glad that Alexander and the Money Mentors team could be there to provide the guidance and support you needed. Your story of overcoming debt and strengthening your financial communication with your wife is incredibly inspiring. Knowing that the program brought peace and clarity to your life is why we do what we do. As you continue on your financial journey, we’d love to be a resource for you. If you ever have any questions or want to explore new tips for budgeting and financial planning, check out our Money Tips Blog at moneymentors.ca/money-tips. It’s filled with helpful content to keep you moving forward with confidence. Wishing you and your wife continued success and financial well-being. Thank you again for trusting us and sharing your experience. All the best!