Financially Stressed Canadians Increasingly Turn to AI for Advice as Expectations Rise for Banks and Credit Card Issuers, JD Power Study Finds
As economic uncertainty, rising living costs, and household financial pressures continue to affect consumers across Canada, a growing number of Canadians are looking for guidance to help manage both their immediate financial challenges and long-term financial goals. According to the newly released 2026 Canada Financial Health Support and Advice Satisfaction Study from JD Power, financial institutions are facing increasing expectations from customers who want more personalized support, practical financial advice, and accessible tools to improve their financial well-being.
The study reveals a striking reality: more than half of Canadians are currently considered financially vulnerable or financially stressed. At the same time, consumers are increasingly turning to artificial intelligence tools for financial information and advice, creating new competition for banks and credit card issuers that have traditionally served as trusted sources of financial guidance.
The findings highlight a rapidly changing financial services landscape in which consumers are seeking help from multiple channels while demanding more relevant, personalized, and actionable advice from the institutions that manage their money.
Financial Stress Remains a Significant Challenge
According to the study, 52 percent of Canadians fall into the category of financially vulnerable or financially stressed. This means millions of consumers are dealing with ongoing concerns related to debt management, rising expenses, savings goals, and overall financial stability.
These financial pressures are influencing how consumers interact with their banks and credit card providers. Rather than simply viewing financial institutions as providers of products and services, many customers increasingly expect them to act as financial partners capable of helping them navigate both short-term financial challenges and long-term wealth-building objectives.
Consumers want guidance that can help them improve their current financial situation while also preparing for future milestones such as retirement, investing, homeownership, and wealth accumulation.
As financial needs become more complex, institutions are being challenged to deliver support that is timely, relevant, and tailored to individual circumstances.
AI Emerges as a New Source of Financial Guidance
One of the most significant findings from the JD Power study is the growing role of artificial intelligence in personal financial decision-making.
The report shows that nearly two-thirds of Canadians, representing 64 percent of respondents, used AI-powered tools during the past year. Even more notably, 41 percent used AI specifically to obtain information related to their personal finances.
This growing adoption demonstrates how rapidly consumers are becoming comfortable using AI technologies to answer financial questions, evaluate options, and gain insights into their financial situations.
Perhaps the most revealing finding is that consumers are not simply experimenting with AI-generated information. They are acting on it.
Among respondents who sought financial advice through AI tools, 73 percent reported taking action based on the recommendations they received. This action rate closely mirrors the level of trust and responsiveness consumers typically demonstrate toward advice provided by their banks.
The results suggest that AI is no longer merely an emerging technology. It is becoming a meaningful participant in the financial advice ecosystem.
For financial institutions, this trend presents both opportunities and challenges. AI can enhance customer engagement and deliver personalized recommendations at scale, but it also introduces new competitors for customer attention and trust.
What Canadians Want From Their Financial Institutions
Despite the growing popularity of AI tools, Canadians continue to expect meaningful guidance from banks and credit card issuers.
The study reveals that customers seek a combination of long-term financial planning advice and immediate financial assistance.
Among the most requested topics are investment-related guidance, with 32 percent of consumers expressing interest in support for growing and managing their investments. Retirement planning remains another major priority, with 27 percent seeking advice to help secure their financial future.
At the same time, many Canadians are focused on addressing more immediate concerns.
Approximately 29 percent of respondents want assistance reducing fees and banking costs, while 24 percent seek practical recommendations that can help improve their current financial circumstances.
This blend of long-term and short-term priorities reflects the reality facing many households today. Consumers want to build wealth and prepare for retirement, but they must simultaneously manage day-to-day financial pressures.
The findings suggest that financial institutions capable of addressing both sets of needs are likely to strengthen customer relationships and improve satisfaction levels.
The Importance of Visibility and Awareness
Jennifer White, Managing Director of Financial Services Intelligence at JD Power, notes that attracting customer attention has become increasingly difficult in today’s crowded financial marketplace.
Consumers are exposed to financial content from a growing number of sources, including banks, investment firms, social media platforms, financial influencers, and AI-powered applications.
As a result, simply offering support services is no longer sufficient.
According to White, the most successful banks and credit card issuers consistently provide a broad range of advisory tools, financial education resources, and personalized services while ensuring customers are aware these resources exist.
Visibility has become just as important as the services themselves.
Institutions that actively communicate available support options and make them easy to access are better positioned to earn customer trust and improve satisfaction.
This challenge is particularly relevant given the sharp divide emerging between financially healthy consumers and those experiencing financial stress. Tailored communication and personalized guidance can help institutions address the unique needs of each customer segment.
Human Advice Still Holds Significant Value
Although AI is gaining traction, the study demonstrates that traditional channels remain highly influential.
When asked about their preferred methods for receiving financial advice, customers continue to show a strong preference for human interaction and personalized communication.
Marketing communications remain the most preferred channel among banking customers, with 51 percent indicating they welcome advice and guidance delivered through targeted communications from their financial institution.
Direct interaction with financial representatives ranks close behind, with 47 percent preferring advice delivered through branches, contact centers, or specialized advisors.
Interestingly, customers show a stronger preference for in-person interactions than telephone-based support.
Approximately 25 percent prefer receiving guidance from branch representatives, while 22 percent favor specialized financial advisors. By comparison, only 11 percent prefer receiving advice through telephone representatives.
Digital channels remain important but lag behind traditional methods, with only 31 percent identifying digital platforms as their preferred source of guidance.
These findings suggest that while technology is transforming financial services, personal relationships continue to play a critical role in building trust and influencing financial decisions.
Barriers Continue to Limit Customer Engagement
One of the most important challenges identified in the study involves customer engagement.
Despite growing demand for financial guidance, many consumers are not fully utilizing the support services available through their banks and credit card providers.
JD Power found that 61 percent of customers encounter barriers that prevent them from engaging with financial support programs.
For banking customers, the most common obstacle is simply a lack of awareness that support services exist.
Many consumers are unaware of budgeting tools, financial education programs, savings calculators, personalized advisory services, and other resources offered by their financial institutions.
Another major barrier is low confidence in personal financial literacy. Some consumers feel uncertain about financial concepts and may hesitate to seek guidance due to concerns about understanding recommendations or making informed decisions.
Additionally, many customers already rely on trusted external sources for financial information, reducing their likelihood of engaging with bank-provided resources.
Credit card customers report similar challenges. Lack of awareness remains the leading barrier, followed by reliance on alternative information sources and concerns that available support is too generic or insufficiently personalized.
The results indicate that institutions must not only improve awareness but also ensure support services feel relevant and tailored to individual needs.
High Awareness Does Not Always Translate Into Usage
Although awareness of available financial support services has increased significantly, actual adoption rates remain surprisingly low.
Canadian banks have improved both the variety and frequency of advice offerings over the past year. Awareness levels now reach approximately four out of five customers.
This increased awareness positively influences customer satisfaction and demonstrates progress in communication efforts.
However, usage rates tell a different story.
Among financially challenged customers who express interest in receiving support, only 15 percent actively use spending management tools offered by their banks.
Similarly, only 12 percent utilize money management resources or financial health education services.
The gap between awareness and utilization suggests that simply informing customers about available tools is not enough. Institutions must also create experiences that encourage ongoing engagement and demonstrate clear value.
Credit card customers show somewhat higher usage levels for credit monitoring tools, but even here adoption remains limited. Only about one in five customers regularly uses credit score monitoring services.
These findings reveal substantial opportunities for financial institutions to improve customer participation and increase the impact of their support programs.
Satisfaction Rankings Highlight Industry Leaders
The study also identifies the financial institutions achieving the highest levels of customer satisfaction in various categories.
In retail banking advice, RBC ranks highest for the sixth consecutive year with a satisfaction score of 589 on a 1,000-point scale. CIBC follows closely with a score of 587, while Scotiabank ranks third at 585.
RBC also earns the top position in banking health support satisfaction with a score of 560. TD ranks second at 553, followed by CIBC at 551.
In the credit card health support category, CIBC achieves the highest satisfaction rating with a score of 560. Desjardins ranks second at 558, while TD secures third place with a score of 555.
These rankings reflect customer perceptions regarding the quality, relevance, frequency, and effectiveness of financial advice and support services provided by these institutions.
The 2026 Canada Financial Health Support and Advice Satisfaction Study illustrates how rapidly the financial advice landscape is evolving.
Consumers continue to value traditional banking relationships and human expertise, but they are increasingly supplementing these resources with digital platforms and AI-powered tools.
At the same time, financial stress remains widespread, creating stronger demand for personalized guidance that addresses both immediate financial concerns and long-term wealth-building goals.
For banks and credit card issuers, the findings present a clear opportunity. Institutions that make support services more visible, personalize advice, leverage technology effectively, and maintain strong human connections will be best positioned to differentiate themselves in an increasingly competitive marketplace.
As AI becomes a mainstream source of financial information and consumers seek greater assistance navigating complex financial decisions, the institutions that successfully combine technology, personalization, and trust may define the future of financial guidance in Canada.
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