Poll shows a third of Canadians use AI to manage finances. Should they?
Younger Canadians in particular are turning to artificial intelligence to shape their finances, a survey released this week shows.
Experts tell Global News there are many tasks that AI is well-equipped to handle when it comes to making money decisions, but there are limits to how Canadians ought to rely on the evolving tech.
The Bank of Montreal tapped Ipsos to poll Canadians on how they’re using AI in their financial planning.
Roughly a third of respondents to the poll said they use AI to help steer their finances, according to the report released Monday.
Most commonly, Canadians are using AI to boost their financial literacy (43 per cent), set up household budgets (43 per cent), figure out new investment strategies (42 per cent) and build their savings (40 per cent).
Gayle Ramsay, head of everyday banking and customer growth at BMO, tells Global News many Canadians might not know that AI is already embedded in online banking tools.
She gives the example of an interface letting a customer know if they’re on track for their savings goals or warning of a possible cash flow issue arising in the next seven days, all based on an AI’s read of a consumer’s habits and regular expenses and deposits.
The survey shows that AI was used to plan for upcoming financial milestones among 55 per cent of gen Z respondents (Ipsos breaks this cohort down as those born 1997-2005).
Ramsay says it’s not a surprise to see gen Z is leading the pack when it comes to asking questions of AI.
Financial anxiety has been particularly acute for the younger generation, with money problems cited as the top stressor for 91 per cent of gen Z respondents. Fear of unknown expenses, housing costs and keeping up with monthly bills were listed as major sources
Read more on globalnews.ca
