Half of Canadians Turn to Family and Friends First for Financial Advice, Banks a Close Second: WealthRocket Survey

• 50% of Canadians say family/friends (including spouses/partners) are their number one source for financial advice, followed by banks (49%) and social media (39%).
• 37% of Canadians last sought financial advice due to the increased cost of living and inflation.
• 19% of Canadians feel like their finances are out of control, particularly those ages 25-44.

TORONTO, July 27, 2023 /CNW/ - A new survey conducted by WealthRocket reveals half of Canadians say family and friends (including spouses/partners) are their number one source for financial advice, with banks (49%) and social media (39%) following close behind.

Where Canadians turn to for financial advice 

Top sources Canadians seek financial advice from (CNW Group/WealthRocket)

Half of Canadians (50%) rely on family and friends, including spouses and partners, as their primary source of financial advice.

Nearly the same number (49%) turn to their bank. And 39% of respondents say they rely on social media for financial advice despite 26% saying it's not a trustworthy source.

"There can be good advice on social media," says David O'Leary, CFA and WealthRocket's personal finance expert. "But you have to be highly critical of what you're viewing."

Other sources include independent financial advisor (27%), and financial blogs and news sites (20%).

Why Canadians are seeking financial advice

Most respondents (49%) say they sought financial advice within the last 12 months.

When asked why they last sought financial advice, 37% of Canadians pointed to inflation/increased cost of living as the driving force. Other reasons include:

• Investment assistance (29%)
• Rising interest rates (26%)
• Getting out of debt (21%)

Nearly 1-in-5 (19%) Canadians feel their finances are out of control, with more millennials expressing this sentiment than other age groups. Almost a quarter (22%) of those between ages 25-44 report feeling this way.

"Where I see people needing help the most right now is around homeownership," says O'Leary. "Higher interest rates are leading to challenges with maintaining mortgages."

Survey methodology

Data collected via an online Pollfish survey of 1,200 Canadians (18+) conducted between July 5 and 8, 2023. An equal number of respondents from each age group were surveyed. Estimated margin of error: +/- 3%.

About WealthRocket

WealthRocket is a Canadian personal finance website focused on credit cards, banking, investing, budgeting, and more. Our mission is to empower Canadians to get the most out of their money.

SOURCE WealthRocket

Rebecca David [email protected].