Jun 3, 2026
As financial pressure continues to build, more Canadians are looking for money advice online — and increasingly, they’re turning to AI tools and social media rather than professionals.
A new report from Money Mentors found that one in seven Canadians used AI tools such as ChatGPT, Claude or Gemini for financial guidance over the past year. Meanwhile, nearly one-third sought financial advice online through sources such as social media, podcasts, articles and online communities.
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“The most concerning findings in this report aren’t that Canadians are using AI or social media; it’s that more than one in four didn’t reach out for professional help because they didn’t think their situation was serious enough,” said Stacy Yanchuk Oleksy, CEO of Money Mentors, in a statement.
Younger Canadians are driving the shift online
The report points to a clear generational divide in how Canadians seek out financial guidance.
Nearly half of Canadians aged 18 to 34 said they sought financial advice online in the past year, compared with just 17% of Canadians aged 55 and older. Gen Z respondents reported the highest use of both social media and AI tools for financial advice.
Across all age groups, Canadians said they were often looking online for practical help with budgeting, investing, debt repayment and savings decisions involving TFSAs, RRSPs and emergency funds.
The findings suggest many younger Canadians are becoming more comfortable treating AI chatbots and online personalities as a first stop for financial information — especially when traditional advice feels expensive, intimidating or difficult to access.
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Convenience and anonymity are part of the appeal
While Canadians still trust traditional financial professionals more than online sources overall, many respondents said online advice feels easier to access and less stressful.
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Among Canadians who sought financial advice online, 69% said online information was faster to access, while nearly half said they preferred educating themselves before speaking with a professional.
Others pointed to emotional reasons. More than one-third said they wanted to avoid feeling pressured by a professional, while 23% said online advice allowed them to seek help without feeling judged.
That dynamic may be particularly relevant for Canadians struggling with debt or financial stress but hesitant to formally ask for help.
Money Mentors says many people delay seeking professional support because they assume their situation is not serious enough yet — even as debt and financial pressure quietly build over time.
Online advice is shaping real financial decisions
The report also shows Canadians are not just casually browsing financial content online — many are acting on it, too.
Among those who sought financial advice online, 37% said it influenced savings decisions, while another 37% said it affected investment choices involving stocks, ETFs or cryptocurrency. Others said online advice shaped budgeting decisions, debt repayment strategies and borrowing choices.
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Still, the results suggest online financial guidance can be a mixed experience. While 56% of users said the advice had a positive impact on their finances, roughly one-quarter said it made little difference, while others said it was too early to know.
The report comes as Canadians continue dealing with elevated living costs, higher debt loads and ongoing affordability pressures, pushing more households to search for quick and accessible financial guidance wherever they can find it.
Experts say online advice can help — but shouldn’t replace professional guidance
Money Mentors says online research and AI tools can be useful starting points for learning basic financial concepts or organizing questions before speaking with an expert.
But the organization cautions that generalized online advice may not account for individual circumstances, especially when it comes to debt management, credit problems or major financial decisions.
The report also highlights how many Canadians remain unaware that free or low-cost non-profit financial counselling services exist. More than half of respondents said they did not know these services were available.
“Online research can be a starting point, but it shouldn’t be the final word on debt, credit or investing”, noted Oleksy. “Free, accredited help exists in every province. The earlier people reach out, the more options they have.”
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Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
