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AI is building financial intelligence for younger Canadians, yet skepticism remains, shows RBC survey

by CM staff   

Manufacturing Operations Technology / IIoT Electronics AI-powered apps finance management younger Canadians

Results of the survey indicate that younger Canadians are more inclined to use AI.

TORONTO — According to a new RBC survey conducted by Ipsos, a sample of 1,501 Canadians, indicates a stronger, positive perception of AI’s utility among younger Canadians aged 18-34, marking a transformative shift in the management of personal finances in the age of technology and innovation.

From automated savings and budgeting to quick insights and cash flow forecasting, AI changes how Canadians can handle their finances. Results of the survey indicate that younger Canadians are more inclined to use AI, with 65 per cent of this demographic finding AI useful in expedited bill payments through reminders.

On the other hand, older Canadians appear more wary. The report finds that 38 per cent of those aged 35-44 and 11 per cent of those aged 55+ are open to using AI-powered apps or services for future personal financial management.

This generational divide extends to the appreciation of advice on finding automated savings facilitated by AI. Seventy-one per cent of younger Canadians reported to value this AI benefit, while 28 per cent of those aged 55+ share the sentiment.


“We believe AI is revolutionizing personal finance management,” says Peter Tilton, chief digital officer, Personal & Commercial Banking at RBC. “The ability to harness the power of AI can help level the playing field in terms of financial literacy for Canadians. It can take the manual calculator work out of budgeting, tell you where you might be overspending, help you save automatically and even give you a view into your future cashflow.”


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