These past 12 months, 35 percent of Canadians sought financial advice, with 76 percent seeking it for free, according to data from the 2024 Canadian Financial Capability Survey (CFCS), a national representative survey conducted from February to March 2024.
The Financial Consumer Agency of Canada (FCAC) released research insights based on the survey findings, which shed light on how Canadians seek financial advice and where they are looking for different types of advice.
“Reliable, timely financial advice empowers Canadians to make informed decisions,” said Shereen Benzvy Miller, FCAC commissioner, in a news release. “These findings highlight the importance of financial literacy approaches that reflect Canada’s diversity.”
According to FCAC’s news release, the research demonstrated that, of Canadians surveyed:
- The most popular sources of financial advice were friends or family, then banks, investment firms, insurance providers, and professional advisors
- The most common type of advice sought was general financial planning for savings and investments
- Those with lower income, those with an education level of high school or lower, those with a disability, and those residing with a household member with a disability were the least likely demographic groups to pursue financial advice
The research also showed that, among younger Canadians polled:
- They were more likely to seek financial advice than those 35 years old and over
- They turned more often to informal sources
- Of those aged 18–34, 18 percent looked for advice on social media, 57 percent turned to family or friends, and 20 percent met with a professional advisor
- Compared with those aged 35 and over, those aged 18–34 were twice as likely to search for advice on social media
“While emerging risks like 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,” Miller said.
About survey
The CFCS, which has run every five years since 2009, had almost 8,000 respondents across Canada during the latest survey period.
In its news release, FCAC explained that the CFCS aims to assess Canadians across specific indicators of financial well-being, supplement financial literacy research, inform policy and ongoing work to improve financial literacy in the country, and identify consumer behaviour trends.
More on FCAC
FCAC’s news release noted that its mandate requires it to monitor trends and issues affecting Canada’s financial consumers.
FCAC shared that it seeks to safeguard Canadians by enhancing their financial literacy and supervising the compliance of banks and other federally regulated financial entities with their statutory obligations, codes of conduct, and public commitments.