Some Canadians are turning to artificial intelligence to plan their golden years for investment, tax and retirement advice, data shows. But experts warn it may not be the best idea.
More than one in four (26 per cent) of people who identify as “pre-retirees” said they are currently using AI tools for financial planning, while 11 per cent of retirees said they are using those tools, a new survey conducted for Fidelity Investments Canada shows.
The most common uses of AI tools are seeking information on investments (36 per cent), tax (29 per cent) and budgeting (27 per cent).
While AI can be “a great way for investors to gain more general knowledge,” being overly reliant on it can be risky because AI “may not know the full picture,” said Paul MacDonald, president of investment firm Harvest ETFs.
“Working with an experienced adviser that is legally required to act in your interest has an accountability that is missing in AI,” MacDonald said.
Moreover, a professional can push back against your own biases and act as a “guardrail,” he said, something that a pliant AI does not.
A research paper published last year found that some AI chatbots reinforce the bias of its users — what some call “confirmation bias.”
Every Canadian’s financial situation is unique. Working with a professional can help you get advice according to your financial goals and risk tolerance, something an AI chatbot may not be able to consider.
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“Professionals that can incorporate tax efficient investments strategies, optimizations and can look at wealth on a holistic picture,” MacDonald said.
Entering your private information, including financial information, can make you more susceptible to scams, the Canada Revenue Agency warned in March.
“Before clicking a link or giving away personal information, verify the information you read online about government benefits with official sources like the official websites of the Government of Canada (Canada.ca) or your province or territory,” the agency said.
An article published in March by the Stanford Institute for Human-Centered AI cautioned against entering any personal information into chatbots.
AI tools trained with data scraped from the internet “may memorize personal information about people, as well as relational data about their family and friends,” it added.
The office of the privacy commissioner of Canada on its website warns Canadians to “limit the personal information that you share about yourself.”
“The information may be collected and stored. In some cases, the platforms may not clearly explain how personal information is used, stored, or where it may be shared,” it says.
A recent report by tax firm H&R Block warned that more than half (56 per cent) of Canadians would be uncomfortable using AI to file their taxes. It also found that 90 per cent of Canadians are concerned about the security implications of inputting sensitive financial information into publicly available AI tools.
The U.S. Internal Revenue Service, the CRA’s counterpart south of the border, has increasingly been using AI tools in its functioning.
A 30-country Ipsos survey on AI attitudes released last June found Canada was the least enthusiastic about products and services using AI, with just 31 per cent of Canadians saying they are excited about it. Two-thirds said the idea made them nervous, one of the highest scores among the countries surveyed.
The CRA is “exploring the responsible use of AI” to increase efficiency, the agency told Global News.
When it comes to taxes, the CRA says no decision being made on personal taxes is made by AI.
The federal government’s guidelines clearly prohibit public servants from entering any Canadian’s private information into any publicly available online generative AI tools.
This is because all personal information handled by federal institutions is subject to the requirements of the Privacy Act.
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