Finance in the News: Should Canadians use AI to manage finances?​

Statistics

100

According to the survey conducted by the BMO, what fraction of people said they used AI to help with finances?

1/3

200

What percentage of Canadians use AI to improve their financial literacy?

43%

300

What percentage use AI to set up household budgets?

43%

400

What percentage of Canadians use AI to figure out investment strategies?

42%

500

What percentage of Canadians use AI to grow their savings?

40%

True or False

100

Young Canadians are using AI for money management at a moderate pace

False. Young Canadians are increasingly using AI for money management.

200

Individuals who work in the banking industry often use AI in their daily operations

True.

300

It is advised to use AI for information about stocks that a person wishes to invest in.

False. AI doesn't have the adequate access to data and information needed to make wise decisions about stock investment.

400

It is encouraged to use estate/retirement planning.

False. Those are too personal and subjective to be entirely planned by AI.

500

According to the BMO survey, 56% of Gen-Z respondents reported using AI for upcoming financial decisions.

False. According to the BMO survey, 55% of Gen-Z respondents reported using AI for upcoming financial decisions.