Manage your finances with AI? A third of Canadians do it

According to a recent survey, more and more people are using artificial intelligence (AI) to manage their portfolios.

This was revealed in an Ipsos survey conducted on behalf of BMO Bank. While 33% of Canadians use AI to manage their finances, more young people, Generation Z, are more likely to do so (55%).

“By simplifying financial management, AI is proving to be a powerful tool for building 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,” said Daily Banking at BMO. , explained Gayle Ramsey, Head of Divisions and Customer Growth.

AI is specifically used to “learn more about aspects of personal finance”, “create and/or update a family budget”, “define new investment strategies”, “increase savings” and “create and/or update”. [son] Financial planning.

However, two in three Canadians (68%) believe that AI will not be able to understand how emotions influence the financial decisions we make.

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

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