One particular demographic is using AI-powered tools heavily, RBC survey finds
Younger Canadians are more likely to use artificial intelligence to manage their finances compared to older generations, according to a Royal Bank of Canada survey.
Approximately 71% of respondents in the 18-34 age bracket said that they find AI useful in automating savings, despite 75% of Canadians across all age cohorts expressing scepticism towards AI’s capabilities.
“Younger Canadians are ready to harness the power of artificial intelligence when managing their finances,” RBC said in its news release that accompanied its polling report. “[The results] indicate a stronger, positive perception of AI’s utility among younger Canadians aged 18-34, marking a transformative shift in the management of personal finances in the age of technology and innovation.”
Canadian fintech Properly has reported that as many as 150,000 homeowners have used its new artificial intelligence-powered calculator Instant Estimate in less than a week since its launch. https://t.co/h86Srts4Rh
— Canadian Mortgage Professional Magazine (@CMPmagazine) April 15, 2021
AI’s use cases range from automated savings and budgeting to real-time insights and cash flow forecasting, RBC said. The bank added that 65% of younger Canadians use AI in expediting bill payments.
“We believe AI is revolutionizing personal finance management,” said Peter Tilton, chief digital officer for personal and commercial banking at RBC. “The ability to harness the power of AI can help level the playing field in terms of financial literacy for Canadians. It can take the manual calculator work out of budgeting, tell you where you might be overspending, help you save automatically, and even give you a view into your future cashflow.”
Older Canadians seem less impressed by AI
The RBC poll found that 38% of Canadians aged 35-44, and only 11% of those aged 55 and older, are open to using AI-powered platforms or services when managing their finances.
“This generational divide extends to the appreciation of advice on finding automated savings facilitated by AI,” RBC said. “Seventy-one per cent (71%) of younger Canadians reported to value this AI benefit, while only 28% of those aged 55+ share the sentiment.”
RBC said that its NOMI tool, an AI-powered digital assistant feature integrated into its mobile app, has helped clients save more than $4.5 billion since it launched in 2017.
