Canadians Continue to Trust Professional Financial Advisors Over Finfluencers and AI, Primerica Survey Finds
As social media platforms become increasingly influential sources of information, financial advice has emerged as one of the fastest-growing categories of online content. Thousands of financial influencers—commonly known as “finfluencers”—now share investment tips, budgeting strategies, retirement advice, and wealth-building techniques with audiences numbering in the millions. At the same time, advances in artificial intelligence have introduced new tools capable of providing financial insights, budgeting assistance, and investment guidance with just a few prompts.
Despite these technological shifts, a new survey from Primerica Canada suggests that Canadians remain firmly committed to seeking financial guidance from qualified professionals rather than relying on social media personalities or AI-powered tools.
According to the latest Financial Security Monitor™ (FSM™) survey conducted by Primerica Canada, trust continues to be the defining factor when Canadians make important financial decisions. The survey reveals that an overwhelming majority of Canadians remain skeptical of financial advice delivered through social media channels, while many also express reservations about using artificial intelligence to manage their finances.
The findings come at a time when households across Canada continue to face economic uncertainty, rising living costs, inflationary pressures, and concerns about their long-term financial security. Against this backdrop, the survey highlights a growing desire for trusted, personalized financial guidance from experienced professionals who can help individuals navigate increasingly complex financial challenges.
Trust Remains the Foundation of Financial Decision-Making
One of the most significant findings from the survey is the clear distinction Canadians make between professional financial advisors and online financial influencers.
While social media has transformed the way information is consumed and shared, most Canadians remain cautious about treating online content creators as reliable sources of financial guidance.
According to the survey, 85% of Canadians say they do not trust financial advice provided by finfluencers. Additionally, 71% indicate they would not consider turning to social media influencers for financial guidance when making important money-related decisions.
These results suggest that while financial content on platforms such as TikTok, Instagram, YouTube, and X has gained widespread popularity, Canadians continue to recognize the difference between entertainment, general education, and professional financial advice.
Financial decisions often involve significant risks and long-term consequences. Whether planning for retirement, investing savings, purchasing a home, or managing debt, individuals frequently face choices that can impact their financial well-being for decades.
As a result, many Canadians appear to prefer guidance from professionals who possess formal training, regulatory oversight, and experience in helping clients achieve financial goals.
John A. Adams, Chief Executive Officer of Primerica Canada, noted that the findings demonstrate the continued importance of trust in the financial advisory relationship.
According to Adams, Canadians are signaling that when it comes to protecting their financial future, they place greater value on credible information and trusted professional guidance than on advice encountered through social media channels.
Financial Stress Continues to Shape Consumer Behavior
The survey findings are particularly noteworthy given the economic environment many Canadians are currently experiencing.
Persistent inflation, elevated living expenses, housing affordability challenges, and broader economic uncertainty have placed pressure on household finances across the country.
When financial conditions become more challenging, individuals often seek greater confidence and reassurance when making financial decisions.
The survey suggests that this environment may be reinforcing demand for professional advice.
Many Canadians are looking for guidance tailored to their unique circumstances rather than relying on generalized content shared online.
Professional advisors can offer personalized recommendations based on a client’s income, goals, risk tolerance, family situation, and long-term objectives—something that social media content is often unable to provide.
This personalized approach may help explain why Canadians continue to place greater trust in professional advisors despite the growing availability of financial information online.
Canadians Remain Skeptical About AI Financial Guidance
In addition to evaluating attitudes toward financial influencers, the survey also explored how Canadians feel about artificial intelligence as a source of financial support.
AI-powered platforms have become increasingly sophisticated in recent years, offering users assistance with budgeting, savings strategies, investing concepts, and retirement planning.
However, the survey indicates that widespread adoption of AI-based financial guidance may still be some distance away.
More than three-quarters of Canadians—76% of respondents—reported that they are not interested in using AI tools such as ChatGPT to help manage personal financial matters.
These findings suggest that while Canadians may recognize the convenience and efficiency of AI technologies, many remain hesitant to entrust important financial decisions to automated systems.
Financial planning often involves more than numerical calculations. It can also involve emotional considerations, family priorities, life transitions, and personal values.
For many individuals, these factors make human interaction an essential part of the financial planning process.
The survey reinforces this perspective.
Nearly eight in ten Canadians (79%) say they would choose advice from a human financial professional over guidance from either AI tools or financial influencers.
This preference highlights the continued importance of personal relationships within financial services.
According to Adams, financial decisions are inherently personal and often tied to major life events and long-term aspirations. While technology can serve as a valuable resource, many Canadians still prefer having a trusted professional help them navigate important financial milestones.
Professional Financial Advisors Lead in Trust Rankings
The survey also examined which sources Canadians trust most when seeking financial advice.
Professional financial advisors emerged as the clear leader.
Sixty percent of respondents identified professional financial advisors as a trusted source of financial guidance, making them the highest-ranked option among all categories measured.
Family members ranked second, with 49% of respondents indicating trust in financial advice received from relatives.
Bank employees followed at 37%, while friends ranked at 32%.
These results demonstrate the unique role professional advisors continue to play in helping Canadians manage their finances.
Unlike informal advice from family or friends, professional advisors are often able to provide structured financial plans, ongoing support, and recommendations tailored to specific goals and circumstances.
The trust advantage enjoyed by professional advisors may become increasingly important as Canadians face more complex financial decisions involving retirement planning, tax strategies, investment management, and wealth preservation.
Inflation Continues to Be Canadians’ Top Concern
The Financial Security Monitor survey also sheds light on the broader concerns affecting Canadian households.
Inflation remains the dominant issue.
Nearly six in ten Canadians (59%) identified inflation as one of their primary concerns.
This finding reflects the continuing impact of higher prices on household budgets, even as inflation rates have moderated from previous peaks.
Consumers continue to face increased costs across a variety of essential spending categories, including food, housing, transportation, and utilities.
The survey also found that concerns extend beyond rising prices.
More than half of respondents (51%) expressed concern about becoming sick or injured, highlighting the financial vulnerability that can accompany health-related disruptions.
The same percentage reported concerns about their ability to afford groceries.
These findings illustrate the financial pressures many households continue to experience in their day-to-day lives.
Meanwhile, 49% of respondents indicated concern about the possibility of another major economic recession.
Economic uncertainty remains a significant source of anxiety, particularly for individuals worried about job security, investment performance, and long-term financial stability.
Canadians Express Pessimism About Their Financial Future
Perhaps one of the most striking findings from the survey is the level of pessimism Canadians express regarding their personal financial situation.
According to the data, 60% of Canadians believe their financial condition has worsened over the past twelve months.
This perception suggests that many households continue to feel the cumulative effects of inflation, higher borrowing costs, and broader economic pressures.
Looking ahead, optimism remains limited.
More than three-quarters of respondents (76%) expect their financial situation either to remain unchanged or deteriorate further over the next year.
The survey also found negative sentiment regarding the broader economy.
Approximately 76% of Canadians expressed unfavorable views about the national economic outlook.
An even larger percentage—78%—held negative perceptions regarding economic conditions within their province or territory.
These findings highlight the challenging environment facing consumers and help explain why trusted financial guidance remains highly valued.
During periods of uncertainty, individuals often seek expert advice to help them make informed decisions and prepare for potential economic challenges.
Growing Demand for Accessible Financial Advice
While Canadians clearly value professional financial guidance, the survey also reveals concerns about accessibility.
A significant majority of respondents—81%—believe that everyone should have access to a professional financial advisor.
This finding suggests broad support for expanding access to financial education and planning resources across the country.
At the same time, respondents identified several barriers that may prevent individuals from seeking professional advice.
Sixty percent believe there is too much complexity and administrative burden involved in financial transactions.
Additionally, nearly half (49%) say financial advice is too expensive.
These concerns point to an important challenge for the financial services industry.
While demand for trusted guidance remains strong, many Canadians feel that obtaining financial advice can be complicated or costly.
Addressing these barriers may play a critical role in helping more individuals access the support they need to improve financial outcomes.
The Human Element Remains Essential
The survey results ultimately reinforce a central theme: despite rapid technological innovation and the growing popularity of financial content online, Canadians continue to place significant value on human expertise and trusted relationships.
Financial decisions often involve uncertainty, emotion, and long-term consequences. Whether planning for retirement, managing debt, investing for future goals, or protecting family finances, many Canadians appear to believe that professional guidance provides reassurance and confidence that cannot easily be replicated by algorithms or social media personalities.
Technology will undoubtedly continue transforming the financial services landscape. AI tools, digital platforms, and online educational resources are likely to become increasingly sophisticated and accessible.
However, the latest Financial Security Monitor survey suggests that Canadians still view professional financial advisors as the most reliable source of support when making important financial decisions.
As economic uncertainty persists and financial challenges continue to affect households across Canada, demand for trustworthy financial guidance appears unlikely to diminish. Canadians remain concerned about inflation, healthcare costs, economic stability, and their long-term financial outlook. At the same time, they continue to demonstrate a strong preference for personalized advice from qualified professionals over recommendations from social media influencers or artificial intelligence platforms.
The survey findings highlight the enduring importance of trust within financial services and suggest that while technology may enhance financial planning processes, the human relationship between advisors and clients remains a cornerstone of effective financial decision-making. For many Canadians, professional financial guidance continues to represent not only a source of information but also a valuable partner in achieving long-term financial security and peace of mind.
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