- Young Canadians are looking more to artificial intelligence (AI) when managing their finances, according to a new survey conducted by Ipsos and The Royal Bank of Canada (TSX:RY)
- 65 per cent of respondents from the younger demographic found AI useful in expedited bill payments through reminders
- Older Canadians were more wary. Only 38 per cent of those aged 35-44 and just 11 per cent of those aged 55+ were open to using AI-powered apps or services for future personal financial management
- Royal Bank of Canada opened trading at C$121.02 per share
Young Canadians are looking more to artificial intelligence (AI) when managing their finances, according to a new survey conducted by Ipsos.
Royal Bank of Canada (TSX:RY) backed the survey, which sampled 1,501 Canadians and found 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.
The survey found that younger Canadians are more inclined to use AI-based services, from automated savings and budgeting to quick insights and cash flow forecasting. 65 per cent of respondents from the younger demographic found AI useful in expedited bill payments through reminders.
On the other hand, older Canadians were more wary. Only 38 per cent of those aged 35-44 and just 11 per cent of those aged 55+ were open to using AI-powered apps or services for future personal financial management. The generational divide even extended to receiving advice on finding automated savings facilitated by AI. Seventy-one per cent of younger Canadians reported to value this AI benefit, while only 28 per cent of those aged 55+ shared that sentiment.
Peter Tilton, chief digital officer, personal and commercial banking at RBC believes that AI is revolutionizing personal finance management.
“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,” Tilton said in a statement.
The report also found that while 75 per cent of survey participants were skeptical about AI’s abilities, many of these same people may be using AI without realizing it, especially given that its influence is subtly and steadily increasing, from personalized recommendations on streaming services or navigation assistance from GPS apps.
The Royal Bank of Canada provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis.
Royal Bank of Canada opened trading at C$121.02 per share.
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