Most Canadians prefer humans for financial product advice

by Steve Randall22 Jan 2020

Despite online sources being second nature for many things in life, Canadians still value humans when it comes to key financial information.

While fintechs aim to disrupt the mortgage and real estate industry with tech-driven solutions, friends and family are most likely to be tapped for advice about financial products, although almost half will seek advice through their financial institution according to a new survey from CIBC.

"The internet may be a portal to vast amounts of information, but big decisions are personal. When there are choices in front of you, whether it's career moves or retirement planning, Canadians value the word of a person they trust," said Kathleen Woodard, Senior Vice President, CIBC Personal and Small Business Banking.

Just 26% of respondents said they are likely to search online for financial advice when planning a home purchase, a lower share than would do so for retirement (40%), general investment planning (30%), and wills or estate planning (27%).

Most people (70%) will ask a person for help when seeking financial advice rather than relying on the web alone and more than 65% say they do not use online search engines when they have questions about common financial products or matters including real estate.

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