Trust, money, and AI: What Canadians are really wrestling with

For years, AI was mostly a place to ask general questions about budgeting, investing, or debt. Now it’s moving closer to becoming an active participant in our financial lives. Asking ChatGPT to explain how a TFSA works is very different from giving it your transaction history, spending habits, debts, and account balances. The conversation is shifting from education to personalization, raising new questions around privacy, trust, and responsibility.

The timing is interesting, because it comes amid a growing debate about how much trust consumers should place in AI when it comes to money. That debate spilled into the mainstream recently when bestselling author and podcast host Mel Robbins encouraged people to upload their financial information into AI tools and ask for guidance. The recommendation drew immediate pushback from financial professionals and privacy advocates, who questioned the risks of sharing sensitive information and the wisdom of leaning too heavily on AI-generated advice.

The criticism wasn’t really about Mel Robbins but something much bigger: Who do we trust with our money anymore?

Canadians are already turning to AI for financial guidance

According to new research from Money Mentors, one in seven Canadians (15%) turned to AI tools such as ChatGPT, Claude, or Gemini for financial guidance in the past year, a category that barely existed three years ago. Step back to online sources more broadly (social media, AI, podcasts, news articles, and books) and the number climbs to nearly one in three (32%).

The shift is sharply generational. Forty-seven percent of Canadians aged 18 to 34 sought financial advice online in the past year, compared to just 17% of those 55 and older. Gen Z reported the highest use of social media for financial guidance, while millennials were the most likely to reach for AI.

What’s more interesting is why. Among Canadians who sought advice online, 69% said online information is simply faster to access. But the reasons quickly become less practical and more personal: 36% said online advice feels more relatable or easier to understand, 27% valued accessing information anonymously, and 23% said they could get advice without feeling judged. For many, AI and online sources weren’t replacing professional advice. They were filling the gap between confusion and confidence.

That may say as much about Canadians as it does about AI: talking about money is hard. Not because budgeting and investing are complicated; most advice circles back to the same fundamentals, like spending less than you earn and saving consistently. The challenge is that money is emotional. It evokes stress, fear and uncertainty, and many families still treat it as something that shouldn’t be openly discussed.

I can’t remember the last time I had a truly honest conversation with a friend about money. Not a chat about inflation or mortgage rates, but a real one, the kind where someone admits they’re worried about debt, unsure whether they’re saving enough, or anxious about retirement. Those conversations seem increasingly rare. And social media hasn’t helped.

The performance of financial success

Social media has given us unprecedented visibility into other people’s lives. We see vacations, renovations, new cars, investment wins and side hustles that look like they’re printing money. What we don’t see are the missed payments, the anxiety, the poor decisions or the sleepless nights behind the scenes.

The result is a strange contradiction. Canadians have more access to financial information than ever, yet many seem less comfortable discussing it openly. That may explain why so many turn to places that feel less intimidating than traditional channels, whether it’s AI, Reddit, YouTube, or online communities, where they can learn privately and ask questions without embarrassment. That creates a vacuum, and whenever a vacuum exists, something fills it.

Today, that something is increasingly digital, and increasingly AI. Not because AI is more knowledgeable than financial professionals, but because it removes the emotional barriers that stop people from seeking help in the first place. It doesn’t judge. It doesn’t interrupt. It doesn’t make you feel embarrassed for asking a question you think you should already know the answer to.

The question is no longer whether AI can help us learn about money, but how much of our financial lives we’re willing to hand over in exchange for that help.

The problem isn’t information. It’s trust.

We are no longer suffering from a lack of information. If you want to learn about TFSAs, RRSPs, mortgages, investing, or debt repayment, there are thousands of articles, videos, podcasts, and online communities at your fingertips. Financial literacy is more accessible than ever. The problem is determining who deserves your trust.

The rise of the “finfluencer” has only complicated matters. Some creators provide thoughtful, responsible education. Others are promoting affiliate links, sponsorships, courses, or products. That doesn’t automatically make their advice bad, but it does mean understanding the incentives behind the content. We saw it with cryptocurrency. We saw it with day trading. Every few years, a new trend arrives with an army of online experts promising shortcuts to wealth. The platforms evolve and the advice changes, but the challenge remains the same.

Who should you believe?

Artificial intelligence occupies an unusual middle ground. Unlike a finfluencer, it isn’t trying to build a personal brand. Unlike an advisor, it isn’t asking you to schedule an appointment. Unlike a friend, it doesn’t carry years of personal history or judgment into the conversation.