Conflicting guidance, outdated "rules," and a clear gender divide show the urgent need for expert, human advice
GUELPH, ON, Oct. 28, 2025 /CNW/ - Bad financial advice is everywhere, and it's causing financial and emotional setbacks for Canadians. A new national survey from Co-operators has uncovered that nearly one in three Canadians (32%) say they've been negatively impacted by following bad financial advice. As a result, almost half (49%) lost money, more than a quarter (26%) report increased stress or anxiety and 16% had to delay major financial goals.
According to the survey, seven in 10 Canadians (70%) feel confident they can spot bad advice. On closer inspection, that reality was much more complex. Nearly one in three respondents (32%) admitted they've followed guidance that hurt them financially. For more than three-quarters, that cost was financial - 77% say it cost them over $1,000, with Millennials hardest hit (80%).
Online clutter and digital overload
The survey highlights that Canadians are struggling to navigate a sea of mixed and contradicting financial information. Nearly half (48%) of Canadians report that high volume of conflicting advice has led to overwhelm, with six in ten pointing the finger at social media. When asked to share past financial regrets, younger Canadians appear to be the most effected. One in five Millennials (19%) have acted on bad advice received from social media. For digitally-native-Gen-Z that number jumps to one in three (31%) - in addition to the 15% acting on bad advice from online forums and 10% from generative AI.
"Despite having access to more information than ever, nearly half of Canadians (47%) admit they've made financial mistakes that could have been avoided with better guidance," said Jess Baker, Executive Vice President and Chief Retail Sales Officer at Co-operators. "The challenge isn't finding information – it's filtering it. Co-operators is committed to being that filter. Through expert and personalized advice, our advisors help cut through the noise."
Old rules don't fit today's economic reality
Unfortunately, digital conversation is only a small part of the problem. For every generation in Canada, except for Gen Z, the bad advice they had followed was most likely to have come from friends and family. Averaging at 31% across Canada, it raises questions about whether traditional rules still apply (and may validate some grumblings of "my parents just don't get it").
Less than half (45%) of Millennials and Gen Z say they would continue to pass along the same financial advice they've received. Gen Z were more than twice as likely to report feeling pressured to follow this advice and manage their finances the same way their parents did (Gen Z 36% vs. Boomers 14%, Gen X 20%).
A growing gender divide
The survey also reveals a widening gender gap in financial outlooks and increased skepticism among women. Only 38% of Millennial women agree the advice they received from older generations is still relevant today, compared with 48% of Millennial men. Among Gen Z, just 34% of women say that handed-down advice is still relevant versus 46% of men. Women are also more likely to receive advice around credit card misuse, while men are more likely to be told to invest in riskier assets like crypto or individual stocks.
That skepticism, however, appears to be paying off. While men (76%) reported higher confidence than women (65%) in spotting bad advice, they reported being nearly twice as likely to fall victim (40% vs. 24%) and reported higher losses when they did.
The value of professional advice: We get it. We got you.
At a time when nearly half (43%) of Canadians say they don't know who to trust for financial advice, the research shows clear benefits for those who have professional guidance. According to a June 2025 survey from Co-operators, Canadians who work with a financial advisor are more confident in their finances (64%) compared with those without one or who are unsure (44%).
"These findings highlight a complex reality for Canadians trying to plan their future, only to be led astray." said Jess Baker, Executive Vice President and Chief Retail Sales Officer at Co-operators. "Advice that might be generally accepted as good, doesn't necessarily mean it's good for you, and our advisors get it. Financial advice isn't one size fits all. We work with you one-on-one to help you build a future you – and only you – want."
About the survey
A total of 1,000 adult residents from across Canada were surveyed online between August 20 to 27, 2025. The sample was randomly drawn from Leger's web panel of potential respondents. The sample was weighted by age, gender, and region to reflect Canada's population distribution according to the 2021 Census data. An associated margin of error for a probability-based sample of this size would be ±3%, 19 times out of 20.
About Co‑operators
Proudly Canadian since 1945, Co‑operators is a leading financial services co-operative, offering multi-line insurance and investment products, services, and personalized advice to help Canadians build their financial strength and security. With more than $72 billion in assets under administration, Co‑operators is well known for its community involvement and its commitment to sustainability. Currently a carbon neutral organization, Co-operators is committed to net-zero emissions in its operations and investments by 2040, and 2050, respectively. Co‑operators is recognized as one of Canada's Top 100 Employers and ranked as one of Corporate Knights' Best 50 Corporate Citizens in Canada. For more information, please visit: www.cooperators.ca.
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SOURCE Co-operators Group Limited
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