OTTAWA, ON, Nov. 17, 2025 /CNW/ - 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.
Quote
"Reliable, timely financial advice empowers Canadians to make informed decisions. These findings highlight the importance of financial literacy approaches that reflect Canada's diversity. 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."
Shereen Benzvy Miller, Commissioner, Financial Consumer Agency of Canada
Quick facts
- The Financial Consumer Agency of Canada protects Canadians by supervising the compliance of federally regulated financial entities, such as banks, with their legislative obligations, codes of conduct and public commitments, and by strengthening Canadians' financial literacy.
- Financial Literacy Month takes place every November in Canada. The theme for this year's campaign is "Talk Money." It's an opportunity to reduce the stigma around talking about finances and to encourage open, judgement-free conversations with friends, family and trusted sources of financial advice.
- Canadians can access FCAC's unbiased and factual information and tools to make informed financial decisions, including planning your finances at different life stages, choosing a financial advisor, making a budget and managing your money in challenging times.
- FCAC's Consumer Information Centre is available to help provide Canadians with information and tools to help them manage their finances.
Associated links
- Financial Literacy Month campaign page
- Managing your money - Canada.ca
- FLM streeter videos of Canadians talking about financial advice
- RDX data story on Financial Advice
- 2024 Canadian Financial Capability Survey [LAC descriptive report]
Contacts
Media Relations
Financial Consumer Agency of Canada
343-999-1450
[email protected]
Search for related information by keyword: Finance | Personal finance | Financial Consumer Agency of Canada | Canada | Money and finances | general public | news releases
SOURCE Financial Consumer Agency of Canada
Share this article