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<\/a>\nOne in seven Canadians (15%)<\/b> turned to AI tools such as ChatGPT, Claude or Gemini for financial guidance in the past year. By comparison, only 6% <\/b>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%)<\/b> sought financial advice online in the past year, the highest rate in the country, and well above the national average of 32%<\/b>. Albertans were also the most likely Canadians to consult AI tools (21%)<\/b> and social media (21%) <\/b>for financial guidance.<\/p>
\nThe survey reveals that online advice is influencing real financial decisions, yet many Canadians remain disconnected from free or low-cost non-profit support: 51% <\/b>were unaware these services existed, while another 38% <\/b>knew about them but had never accessed them.<\/p>
\nA GENERATIONAL SHIFT IN WHERE CANADIANS GET FINANCIAL ADVICE<\/b><\/p>
\nNearly one in three Canadians<\/b> (32%)<\/b> 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:<\/p> \nWHAT ARE CANADIANS ACTUALLY LOOKING FOR WHEN THEY SEEK FINANCIAL ADVICE ONLINE?<\/b><\/p> \nWhile 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.<\/p> \nNearly three-quarters <\/b>of Canadians (73%)<\/b> said they trust a bank, credit union or licensed financial professional for financial advice or guidance. However, among Canadians who sought financial advice online:<\/p> \nWhile traditional financial sources remain the most trusted overall, trust alone is not always enough to drive people toward qualified support.<\/p> \nCANADIANS ARE MAKING REAL FINANCIAL DECISIONS BASED ON ONLINE ADVICE<\/b><\/p> \nCanadians are using digital guidance for their financial choices, where mistakes can be costly. Among those who sought financial advice online, the decisions most likely to be directly influenced included:<\/p> \nWhile 56%<\/b> 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%)<\/b> said it had no real impact, while 16% <\/b>said it was too early to tell or they were not sure.<\/p> \nCANADIANS AREN\u2019T JUST AVOIDING COSTS; THEY\u2019RE ALSO AVOIDING PRESSURE, JUDGMENT AND EARLY INTERVENTION<\/b><\/p> \nCanadians avoid professional financial advice. Many are also seeking guidance that feels faster, less intimidating and easier to access. Among Canadians who used online financial advice:<\/p> \nOne of the most striking findings: More than one in four Canadians (27%)<\/b> 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.<\/p> \n\u201cThe most concerning findings in this report aren\u2019t that Canadians are using AI or social media; it\u2019s that more than one in four didn\u2019t reach out for professional help because they didn\u2019t think their situation was serious enough,\u201d says Stacy Yanchuk Oleksy, CEO of Money Mentors.<\/b> \u201cWe see this every day. By the time people come to us, they\u2019ve often been carrying financial stress along for months or years. Online research can be a starting point, but it shouldn\u2019t 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.\u201d<\/p> \nA FREE, GOVERNMENT-BACKED OPTION MOST CANADIANS HAVEN\u2019T HEARD OF<\/b><\/p> \nFor 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. The organization is calling on Canadians who are feeling financial pressure or who are unsure where to turn to reach out before situations become more difficult to resolve.<\/p> \nFor more information, visit www.moneymentors.ca<\/a>.<\/p> \nAbout Money Mentors<\/b><\/p> \nMoney Mentors is the only Alberta-based non-profit credit counselling agency. For more than 25 years, our experienced team of accredited counsellors has been working with Albertans to help them get out of debt, manage their money and plan for the future.<\/p> \nOur mission is to educate Albertans in personal money management and the wise use of credit, and to provide alternatives for families and individuals facing financial crises. For more information, visit www.moneymentors.ca<\/a> to contact an accredited counsellor.<\/p> \nMethodology<\/b><\/p> \nThese 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.<\/p>\n
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