Jun 9, 2026
Artificial intelligence is already playing a role in how Canadians think about retirement — but when it comes to trust, human advice is still doing most of the heavy lifting.
A new survey from Fidelity Investments Canada suggests more Canadians are experimenting with tools like AI for financial planning, even as confidence in those tools remains limited and traditional advisors continue to dominate trust.
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The 21st annual Fidelity Retirement Report, based on a survey of 2,000 Canadians, found that 26% of pre-retirees and 11% of retirees have used AI for financial planning. But just 5% of AI users say it is their most trusted source of financial information.
“AI may have the ability to process large amounts of information very quickly, but financial advisors remain the most trusted source of financial and retirement planning among respondents”, said Michelle Munro, Director, Tax and Retirement Research at Fidelity, in a statement.
AI is becoming part of retirement planning — but mostly for research
For most Canadians using AI, the role is still fairly limited.
Among those who have tried it, AI is primarily being used to get information on investments (36%), taxes (29%) and budgeting (27%).
That puts AI more in the category of a research tool than a decision-maker — something people use to get a starting point, rather than actionable advice.
The survey also points to clear differences in who is adopting the technology. Canadians born outside of the country are roughly twice as likely to use AI for financial planning compared with those born in Canada. Usage is also highest in Ontario, followed by the Prairies and British Columbia.
Even among financial professionals, AI is gaining attention. The report found that 83% of advisors expect to increase their use of AI in 2026.
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Trust still sits with human financial advisors
Despite growing experimentation with AI, trust remains firmly anchored in human advice.
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The survey found that 88% of Canadians who work with a financial advisor say they trust them as their primary source of financial guidance. By contrast, only a small share of AI users say the same about AI tools.
Part of that gap appears to come down to confidence. Nearly two-thirds of Canadians using AI for financial planning say they are only “somewhat confident” in the information it provides.
“Trust is built through context, judgment and personal understanding, helping Canadians interpret information, navigate uncertainty and make decisions aligned with their goals”, said Munro.
The findings suggest that while AI can quickly generate information, many Canadians still want that information filtered through someone who understands their personal situation.
Retirement uncertainty is keeping advice in demand
The broader retirement picture helps explain why advice and trust matters so much right now.
Canadians continue to worry about inflation (80%), global political instability (60%) and economic growth (60%) as key factors affecting their retirement outlook.
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Debt is also shaping long-term planning. More than half of pre-retirees still carry a mortgage, and most don’t expect to pay it off within the next decade.
Planning — not just saving — is where the gap shows up
One of the clearest messages from the report is that having a plan makes a measurable difference.
Among Canadians with a financial advisor and a written plan, the vast majority say they feel positive about retirement. Confidence and optimism are significantly higher compared with those without advice or structure.
Still, Fidelity points to a gap in how Canadians approach retirement drawdown itself — not just saving.
Only 8% of pre-retirees and 18% of retirees have a detailed plan for how they will withdraw and use their savings in retirement. Many are still relying on ad hoc decisions rather than a structured income strategy.
That difference, the report suggests, is better planning — whether supported by AI, advisors, or both.
“Saving is only half the equation; how Canadians turn savings into income is just as important,” added Munro. “Having a clear withdrawal plan can help Canadians make more informed decisions, avoid costly missteps, and feel more confident that their savings will support them throughout retirement.”
While Canadians appear to be using all of their available resources to plan for retirement, when it comes to the decisions that really matter, most still place their trust in a professional advisor.
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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.
Insurance • Jun 02
