How Canadians are managing their money
These numbers highlight some of the financial challenges Canadians face today. Explore insights and what the data mean for programs, policies, and people.
Opens in new tabFinancial Consumer Agency of Canada (FCAC)
Data storyGetting financial advice
What the Canadian Financial Capability Survey tells us:
Canadians1 differ in how they seek financial advice and which sources they trust. The findings underline the need for financial literacy approaches tailored to reflect Canada’s diversity.
Accessing trustworthy, timely financial advice can help Canadians to make better informed decisions about money.
The latest findings from the 2024 Canadian Financial Capability Survey (CFCS) showed that 76% of Canadians reported getting advice about their finances through one or more sources—a decrease from 87% in 2019.2 Professional advisors, financial organizations like banks, and family or friends were the most common sources of advice reported. Members of households with lower incomes ($40,000 or lower) were less likely to get advice from professional advisors and financial organizations compared to those with higher incomes.3 However, seeking advice from friends and family members did not differ by income.
Media and community-based sources of advice were less commonly used. For example, 1 in 10 Canadians said they got financial advice from social media, and 1 in 10 cited print media, radio, or television. Only 4% sought advice from social associations or community organizations, and 3% turned to credit counselling agencies.
Advice-seeking was most common among younger Canadians, suggesting an opportunity for providing tailored financial information, resources and information for this group. Specifically, 81% of those aged 18 to 34 reported getting financial advice, compared to 78% of those aged 35 to 54, and 72% of those 55 or older.
Younger Canadians (aged 18 to 34) are reshaping how financial advice is sought. They are turning more to informal sources: 57% turned to family and friends compared to 40% among those aged 35 to 54, and just 22% among individuals aged 55 or older. Only 20% consulted professional advisors, compared to 26% of those aged 35 to 54 and 27% of those aged 55 or older. Of the younger age group, 18% used social media for financial advice—double the rate of the 35 to 54 age group (9%) and 9 times that of the 55 or older age group (2%).
38%
of Canadians earning under $40,000 got financial advice from friends or family members in 2024—the most popular source within this income group
43%
of Canadians earning $100,000 or more got financial advice from a professional advisor in 2024—the most popular source within this income group
35%
of women+ got advice from banks, credit unions, insurance or investment companies, compared to 31% of men+.
39%
of women+ got financial advice from friends or family members in 2024, compared to 35% of men+.
Find out more
To find out more about Canadians’ attitudes toward financial advice, including who they turn to and the most common types of advice they seek, read the 2024 Canadian Financial Capability Survey Report.
Taking action
Use and share these trusted, unbiased Government of Canada resources in your work, and with your community and networks.
Use reliable resources to build your financial knowledge
The Government of Canada offers free, unbiased and trustworthy information and resources related to Money and finances.
Get more information about specific subjects and life events
- Find helpful tips on your options if you receive a large sum of money (such as an inheritance), buy a home, have children, take out insurance and more.
Learn how to choose a financial advisor when you need one
To help decide which kind of professional financial advice is best for you and what kinds of questions to ask a financial advisor, read about Choosing a financial advisor.
About the data
Where the data come from
Everything in this tool is based on real responses from people across Canada. The data:
- come from the Canadian Financial Capability Survey (CFCS)
- were collected by the Financial Consumer Agency of Canada (FCAC)
- cover topics like budgeting, saving, debt, and long-term planning
- are used to understand how people manage money and where support is needed
More data stories and insights
Read more data stories about the financial challenges and commitments Canadians face today.
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Footnotes
“Canadians” means people who live in Canada, even if they are not citizens.
Statistical testing confirmed that the difference between the 2024 and the 2019 data was significant, with a p-value below 0.05 (that is, the difference in percentages is unlikely to be due to chance or random factors).
Statistical testing confirmed that the difference for these groups was significant, with a p value below 0.05 (that is, the difference in percentages is unlikely to be due to chance or random factors).
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