The Financial Consumer Agency of Canada (FCAC) published “Spotlight on Canadians’ use of financial advice”, drawing on the 2024 Canadian Financial Capability Survey (CFCS), to map where Canadians seek financial advice and what kinds of advice they look for. The findings indicate that 35% of Canadians sought financial advice in the previous 12 months, with most relying on free channels. The nationally representative CFCS surveyed nearly 8,000 respondents across Canada between February and March 2024. Among those who sought advice, 76% used free advice, most commonly from friends or family, followed by banks, investment firms, insurance providers, and professional advisors; the most common topic was general financial planning for savings and investment strategies. People aged 18 to 34 were more likely than those 35 and over to seek advice and to use informal sources, including social media (18%), while 57% of this age group turned to family or friends and 20% consulted a professional advisor. Lower-income Canadians, those with a high school education or less, and people with a disability or living with a household member with a disability were the least likely groups to seek financial advice.
Financial Consumer Agency of Canada 2025-11-17
Financial Consumer Agency of Canada publishes research on Canadians’ financial advice sources showing 35% sought advice and 76% used free options
The Financial Consumer Agency of Canada's report from the 2024 Canadian Financial Capability Survey shows 35% of Canadians sought financial advice last year, mainly through free channels. Of nearly 8,000 respondents, 76% used free advice, primarily from friends or family, focusing on general financial planning. Younger Canadians aged 18 to 34 were more inclined to seek advice, often using informal sources like social media, while lower-income and less-educated individuals were less likely to seek advice.