[Survey] 58.2% of Canadians already trust AI to invest their money
Recently, artificial intelligence (AI) has revolutionized the investment industry. Thanks to its advanced data analysis and decision-making skills, AI is now very popular with investors. But what do Quebecers think? In a survey conducted on our site during June 2023, we questioned 1,157 people on this topic.
58.24%
Of respondents say they are very confident or confident in AI-based technologies as an investment support tool.
41.76%
Of respondents have low confidence or not at all confidence in AI-based technologies as an investment support tool.
73% of people under 25 trust AI as an investment tool
Age plays a crucial role in the confidence placed in AI as an investment support tool. Through our survey, we examined the relationship between age groups and the level of trust in AI. When asked "How confident are you in AI-based technologies as an investment tool?", we find that :
- 28.2% of Canadians aged between 36 and 45 express the greatest confidence in AI as an investment tool.
- 66.7% of respondents aged 25 and under also show some confidence in these tools.
- However, among Canadians aged 56 and over, 41.9% remain reticent.
Source: HelloSafe Canada survey (2023)
Expert advice
Alexandre Desoutter, editor-in-chief for HelloSafe Canada:
"An emerging trend among Canadians is their growing confidence in artificial intelligence as an investment tool. Driven by a culture of innovation and openness to new technologies, more and more Quebecers see AI as a reliable partner in managing their money, demonstrating their belief in the potential benefits it can offer to optimise their investments. However, the contribution of AI as an investment tool remains to be fully proven. The next few years will probably bring more clarity on this subject".
For 30.6% of respondents, the main benefit of AI lies in optimizing performance
The use of artificial intelligence as an investment tool is becoming increasingly popular. Its adoption is opening up new opportunities for investors. With this in mind, we asked our respondents the following question: "What benefits do you see in the use of AI in investment?". We note that:
- Optimising investment performance is the main benefit cited, with 30.6% of our respondents putting it at the top of the list.
- Then, access to real-time information (21.8%), deeper analysis (17.1%), and reduced emotional bias (16.7%) are also mentioned.
- Finally, improved risk management comes last, cited as a benefit by only 13.9% of our respondents.
Source: HelloSafe Canada survey (2023)
37.2% of our respondents say they are concerned about the security of their data
The increasing integration of artificial intelligence as an investment tool is raising questions about the risks that may result. "What concerns do you associate with AI-based investment advice?" this is the question we asked in this survey. The responses collected reveal that:
- For 37.2% of our respondents, data security is a concern when using AI as an investment tool.
- This is followed by the lack of human interpretation (20.6%), the risk of bias linked to the algorithm (17.5%), the lack of transparency (12.6%) and the market volatility (12.1%) among the dangers associated with AI in investment.
Source: HelloSafe Canada survey (2023)
For 42% of Canadians, AI can be useful for investing in real estate
Artificial intelligence has transformed the investment landscape, opening up new opportunities and changing the way financial decisions are made. We therefore wanted to know which investment products could be managed by AI. From the responses we received, it appears that :
- For 42.3% of Canadians, AI can above all be useful for investing in real estate.
- 29% of our respondents said they would be willing to receive advice from an AI when managing their crypto-currencies. And 28.2% of our respondents are willing to receive advice on listed equities.
Source: HelloSafe Canada survey (2023)
Good to know
In this section, only the responses of people who expressed a preference for receiving investment advice from an artificial intelligence were taken into account.
Methodology
In addition to its expert editorial line around insurance and financial products, HelloSafe explores broader topics relating to global consumption in Canada and around the world. The aim is to decipher certain complex subjects for consumers and to provide everyone with the latest information. It is within this framework that HelloSafe regularly carries out studies on trends relating to current personal finance in Canada.
The results presented in this study come from a survey conducted on the hellosafe.ca website during the month of June 2023, aimed at assessing the general feeling towards the use of artificial intelligence as an investment tool among the Canadian population. A representative sample of 1,157 Canadians of all ages was selected, representing the country's geographic and demographic diversity. The survey was published in a targeted manner on specialised investment pages to ensure the relevance and authenticity of the responses obtained.
About HelloSafe Canada
HelloSafe is a leading platform for comparing financial products (insurance, credit, investments) in Canada. Powered by its unique and powerful technology, HelloSafe provides users with dozens of free and anonymous comparison tools, calculators and expert, up-to-date content. Its platform empowers users to make the best decisions for their wallets and find the right products at the right prices for them.
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Nolwenn Abolivier
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