Younger adults double down on social media for money tips as professionals see less demand
More than a third of Canadians actively sought financial advice in the past year, but the majority turned not to professionals, but to friends, family, and free sources, according to new research from the Financial Consumer Agency of Canada (FCAC).
The 2024 Canadian Financial Capability Survey (CFCS), conducted by FCAC, reveals that 76 percent of Canadians who sought advice did so through free channels, with friends and family ranking as the most popular source, followed by banks, investment firms, insurance providers, and professional advisors.
General financial planning—particularly around savings and investment strategies—was the most common topic of inquiry, as reported by FCAC.
Younger Canadians, especially those aged 18 to 34, are leading the shift toward informal and digital advice.
This group is twice as likely to seek guidance on social media (18 percent) and most likely to turn to family or friends (57 percent), while only 20 percent consult professional advisors, according to the survey.
In contrast, those aged 35 and over are more inclined to use traditional advisory channels.
Barriers to accessing advice remain pronounced among lower-income households, those with a high school education or less, and individuals with disabilities or living with someone with a disability.
These groups are the least likely to seek any form of financial advice, as per FCAC findings.
The survey also highlights a growing need for vigilance as new risks emerge.
Shereen Benzvy Miller, commissioner of the FCAC, said, “Reliable, timely financial advice empowers Canadians to make informed decisions.”
She emphasized the importance of financial literacy approaches that reflect Canada’s diversity.
Miller noted that, while emerging risks such as AI-driven advice, social media finfluencers, and fraud require caution, “trustworthy advice is available for every budget—including free support for those facing financial hardship.”
While only about one-quarter of advice-seekers paid for professional guidance—most often for financial planning, tax, or retirement advice—free resources remain the backbone of financial decision-making for Canadians.
FCAC continues to offer unbiased tools and information to help Canadians navigate their financial lives, from budgeting to choosing an advisor, and managing money through challenging times.
