Managing Your Money With AI? A Third Of Canadians Are Doing It

More and more people are using artificial intelligence to manage their investment portfolios, according to a recent study.

That’s what a survey conducted by Ipsos on behalf of BMO Bank showed. While 33% of Canadians use AI to manage their finances, a greater number of young people, Gen Z, are more likely to do so (55%).

“By making it easier to manage finances, AI has proven to be a powerful tool for developing financial literacy and making informed financial decisions, and with the guidance of a professional advisor, more Canadians can be empowered to manage their money in a practical way, achieve their goals and improve their finances,” explained Gayle Ramsay, Head of Everyday Banking, Segments and Client Growth at BMO.

AI is specifically used to “learn more about personal finance topics,” “create and/or update a household budget,” “identify new investment strategies,” “build savings,” and “create and/or update.” [son] Financial plan”.

However, two in three Canadians (68%) believe that AI is unable to understand how emotions can influence the financial decisions we make.

“AI is a transformative technology that can analyze information and generate insights instantly, but people’s relationship with money is complex, personal and emotional,” said Ms. Ramsay.

The survey was conducted online from June 3 to 20, 2024 among 2,500 adults across the country.