Financially stressed Canadians expect banks to provide guidance but turn to AI for advice: JD Power
Key takeaways
- But according to JD Power, nearly two-thirds (64%) of Canadians used AI tools during the past year, with two in five (41%) leveraging AI to seek information about their personal finances.
- In other words, the rise of AI is creating a more competitive environment for financial institutions as a trusted source of guidance.
- According to the study, the topics customers are most interested in from their banks include a mix of long-term advice related to investment (32%) and retirement (27%).
Financially stressed Canadians expect banks to provide guidance but turn to AI for advice: JD Power Financially stressed Canadians expect banks to provide guidance but turn to AI for advice: JD Power · Retail Banker International · Paul Kc Kinnon/shutterstock Douglas Blakey Sun, June 28, 2026 at 11:38 PM GMT+7 4 min read More than half (52%) of Canadians are considered financially vulnerable or stressed, according to the JD Power 2026 Canada Financial Health Support and Advice Satisfaction Study.Such a finding represents a challenge and an opportunity for Canadian banks. But according to JD Power, nearly two-thirds (64%) of Canadians used AI tools during the past year, with two in five (41%) leveraging AI to seek information about their personal finances. Among those who used AI for financial advice, 73% acted on it, a level like the rate at which customers act on advice from their bank.
In other words, the rise of AI is creating a more competitive environment for financial institutions as a trusted source of guidance.
According to the study, the topics customers are most interested in from their banks include a mix of long-term advice related to investment (32%) and retirement (27%). This is coupled with short-term financial advice on topics such as fee reduction (29%) and tips to improve one's financial situation (24%).