AI technology
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Younger Canadians are more likely to use artificial intelligence to manage their finances than those over 35, according to a survey from Royal Bank of Canada.

The poll conducted online by Ipsos found that Canadians aged 18 to 34 find AI useful for paying bills (65%) and for finding automated savings (71%).

Respondents 35 and over were more cautious when using AI for personal financial management.

About 38% of those aged 35 to 44 were interested in AI for their finances while only 11% of those aged 55 and over trusted AI’s capabilities.

The poll, which surveyed 1,501 Canadians between April 12-14, showed that while 75% of respondents were skeptical of AI, many of them may be using the technology without realizing it.

“We believe AI is revolutionizing personal finance management,” said Peter Tilton, chief digital officer, personal and commercial banking at RBC, in a release.

“The ability to harness the power of AI can help level the playing field in terms of financial literacy for Canadians. It can take the manual calculator work out of budgeting, tell you where you might be overspending, help you save automatically and even give you a view into your future cashflow.”