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BMO Survey: One Third of Canadians Using AI to Manage Finances
BMO Survey: One Third of Canadians Using AI to Manage Finances Canada NewsWire ...
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[{"type":"text","content":"\n\n\n\n BMO Survey: One Third of Canadians Using AI to Manage Finances\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n 55% of Gen Z use AI to help manage their finances and investments – more than any other generation.\n \n\n\n\n 68% do not believe AI understands how emotions influence financial planning.\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n July 29, 2024\n \n\n /CNW/ - The BMO Real Financial Progress Index reveals a growing number of Canadians, notably Gen Z, are using artificial intelligence (AI) to help manage their finances and investments.\n \n\n Among the 33% of Canadians using AI to help manage their finances, the most common uses include:\n \n\n\n Learning more about personal finance topics (45%),\n \n\n Creating and/or updating household budgets (43%),\n \n\n Identifying new investment strategies (42%),\n \n\n Building savings (40%), and\n \n\n Creating and/or updating their financial plans (40%).\n \n\n\n While AI is helping Canadians manage some aspects of finances, over two thirds (68%) say AI cannot understand how emotions influence financial planning.\n \n\n \"AI is a transformative technology that can instantly analyze information and generate ideas, but people's relationship with money is complex, personal and emotional,\" said\n \n Gayle Ramsay\n \n , Head, Everyday Banking Segment & Customer Growth, BMO. \"By making it easier to help manage finances, AI is proving a powerful tool to build financial literacy and make informed financial decisions, and together with guidance from a professional advisor, more Canadians can be empowered to conveniently manage their money, achieve their goals and make real financial progress.\"\n \n\n\n\n How Canadians Are Using AI\n \n\n\n\n The survey highlights how AI is continuing to shape how Canadians learn, work, and communicate, including:\n \n\n\n\n Reshaping Research:\n \n More than half (54%) are using AI to ask questions about topics of interest and 37% are using the technology for data analysis.\n \n\n\n Productivity Planning:\n \n Over a third are leveragin...