Ottawa, Ontario
The Financial Consumer Agency of Canada (FCAC) has published research insights that reveal where Canadians are turning for various types of financial advice. FCAC's Spotlight on Canadians' use of financial advice showcases data from the 2024 Canadian Financial Capability Survey (the CFCS), a national survey conducted every 5 years since 2009.
As part of its mandate, FCAC monitors trends and issues that impact financial consumers. The CFCS assesses how Canadians are doing across indicators of financial well-being, and informs ongoing efforts aimed at strengthening financial literacy in Canada. This data helps identify trends in consumer behaviour, informs policy, and supports ongoing financial literacy research.
The nationally representative survey of nearly 8,000 respondents from across Canada was conducted between February and March 2024. Results show that 35% of Canadians had sought financial advice in the past 12 months. Three quarters (76%) of these sought free advice; friends or family were the most popular source of advice, followed by banks, investment firms, insurance providers, and professional advisors. The most common type of advice sought was general financial planning for savings and investment strategies.
Younger Canadians were more likely to seek financial advice than those aged 35 and over and turned more to informal sources. For example, those aged 18 - 34 were:
twice as likely to seek advice on social media (18%)
most likely to turn to family or friends for advice (57%)
least likely to consult a professional advisor (20%)
Lower-income Canadians, those with an education level of high school or less, and those with a disability or living with a household member with a disability were the least likely demographic groups to seek financial advice.
