A new survey by Fidelity Investments Canada shows 26% of pre-retirees and 11% of retirees are using AI tools for financial planning. The top uses include investment information (36%), tax guidance (29%), and budgeting (27%).
Experts warn that relying on AI for retirement advice carries significant risks. Paul MacDonald, president of Harvest ETFs, notes that AI lacks accountability and cannot consider an individual's full financial picture. Unlike a professional advisor, a chatbot won't push back against user biases.
A research paper found that some AI chatbots reinforce confirmation bias. Moreover, entering private financial data into these tools increases the risk of scams and data misuse, according to the Canada Revenue Agency and the Privacy Commissioner of Canada.
A 30-country Ipsos survey found Canada is the least enthusiastic about AI, with only 31% excited and two-thirds nervous. The CRA says AI is not used to make decisions on personal taxes.