The Financial Consumer Agency of Canada (FCAC) published a research spotlight using data from its 2024 Canadian Financial Capability Survey to map where Canadians seek financial advice and who is more or less likely to do so. The findings show that 76% reported getting financial advice through at least one source, while 65% had not sought financial advice in the 12 months before the survey. Friends and family were the most common source (37%), followed by financial institutions such as banks, investment companies and insurance providers (33%), professional financial advisors or planners (25%), and online sources other than social media (20%). Social media was cited by 9% overall but 18% among those aged 18–34, who were also least likely to consult professional advisors (20% versus 26% for ages 35–54 and 27% for ages 55+); 14% reported they could not find advice from a trusted source or selected “none of the above.” Among the roughly one-third who sought advice in the previous 12 months, 26% paid for it and 72% used free options, with general financial planning for savings and investments the most common paid and free topic; FCAC also flagged emerging risks linked to generative AI, social media “finfluencers,” and increasingly sophisticated financial fraud.
Financial Consumer Agency of Canada 2025-11-17
Financial Consumer Agency of Canada publishes 2024 survey spotlight on Canadians’ sources of financial advice
The Financial Consumer Agency of Canada released a research spotlight based on the 2024 Canadian Financial Capability Survey, revealing that 76% of Canadians sought financial advice, with friends and family being the most common source. The survey highlighted that 65% had not sought advice in the past year, and among those who did, 26% paid for it while 72% used free options. The report also noted emerging risks from generative AI, social media "finfluencers," and sophisticated financial fraud.