Albertans are increasingly turning to AI and social media for financial advice, according to a recent survey. The poll, conducted by Money Mentors and Angus Reid, reveals a concerning trend: 21% of Albertans have used AI tools like ChatGPT, Claude, or Gemini for financial guidance in the past year, compared to 15% nationwide. This is the highest rate of AI usage for financial advice in Canada. Additionally, 21% of Albertans surveyed said they used social media for financial advice, slightly higher than the national average of 16%. The survey also found that 41% of Albertans sought financial advice online in the past year, the highest rate in the country. This shift towards digital sources of financial information is driven by factors such as speed, convenience, and the perceived lack of judgment. However, experts like Stacy Yanchuk Oleksy, CEO of Money Mentors, warn that AI advice is not regulated and can be risky. She emphasizes the importance of using AI as a tool rather than relying solely on it for financial decisions. The survey suggests that many Canadians want to educate themselves before meeting with a professional, which is why they are choosing digital methods first. Dana DiTomaso, founder of Kick Point, agrees that AI can be a useful starting point for learning about financial literacy and basic budgeting. However, she cautions against taking AI advice as gospel, as it may not always be accurate or applicable to Canadian contexts. DiTomaso recommends asking AI for confidence levels in its answers and suggesting other sources for further information. In conclusion, while AI and social media can provide valuable insights, it is crucial to use them as tools to supplement professional financial advice. Albertans should be cautious and aware of the potential risks associated with unregulated AI sources.
