Friends, banks or no one at all: How Canadians really get financial advice

Canadians are far more likely to turn to friends, family or their bank for financial advice than to a professional advisor — and many aren’t seeking advice at all.

New research from the Financial Consumer Agency of Canada (1) sheds light on where people go for money guidance, and which groups are most likely to miss out.

The findings come from the 2024 Canadian Financial Capability Survey, a nationally representative study of nearly 8,000 Canadians conducted in early 2024.

While about three-quarters of Canadians report getting financial advice from at least one source, 65% had not sought any advice in the previous 12 months, pointing to significant gaps in access and engagement.

“Reliable, timely financial advice empowers Canadians to make informed decisions,” said Shereen Benzvy Miller, Commissioner of FCAC, in a statement (2). “While emerging risks like AI-driven advice, social media ‘finfluencers’, and fraud require caution, trustworthy advice is available for every budget — including free support for those facing financial hardship.”

Friends and family remain the top source

When Canadians do seek financial advice, they tend to start close to home. The survey found that 37% turned to friends or family, making this the most common source of guidance. Another 33% relied on trusted institutions such as banks, investment firms or insurance providers.

Professional financial advisors ranked lower, with just 25% of respondents saying they consulted one, while 20% turned to online sources other than social media. Only 9% reported using social media as a source of financial advice overall.

The most common reason Canadians sought advice was general financial planning, including savings and investment strategies — an area where informal advice may not always be well-matched to individual circumstances.

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Younger Canadians rely more on informal advice

Age also plays a major role in where people turn to. Canadians aged 18 to 34 were twice as likely to use social media for financial advice (18%) and were most likely to rely on friends or family (57%). They were also the least likely to consult a professional advisor, with just 20% doing so.

By contrast, those aged 55 and older were more likely to pay for financial advice, particularly for retirement and tax planning. Overall, about one-quarter of those who sought advice paid for it, with paid advice most often used for savings and investment planning, tax strategies and retirement planning.

Who is least likely to seek advice

The survey highlights clear disparities in access to financial guidance. Canadians who were least likely to seek advice included:

• Those with a household income under $60,000
• Those with high school education or less
• Canadians with a disability, or living with someone who has one

In many cases, these groups face the greatest financial pressure — yet are the least likely to access professional or institutional advice.

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Free advice plays a critical role

For Canadians who do seek help, free advice remains the dominant option.

Nearly three-quarters chose a free source, particularly for general financial planning, retirement questions and insurance decisions. Younger Canadians, women and lower-income households were especially likely to rely on free guidance.

FCAC says the findings point to a need for more inclusive, accessible financial literacy approaches, especially as new advice channels emerge and financial scams grow more sophisticated.

Trustworthy help exists at every price point. Knowing where to look, and when to seek more specialized guidance, can make a meaningful difference to both long and short-term financial well-being.

Article sources

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Government of Canada (1, 2)