How AI is helping Canadians budget, save, and tackle debt

According to research by Ipsos Canada, commissioned by BMO, 33% of Canadians use AI technologies to stay on top of their spending and saving. But while these tools are great for growing wealth and tracking financial goals, there’s something missing—a safe, ethical, and truly supportive way to get help with debt. In this article, we’ll explore how AI is reshaping personal finance in Canada, and why Mariposa, the first Canadian AI-powered debt management agent, is a game-changer for anyone looking to get out of debt on their own terms.

The AI boom in Canadian personal finance

In Canada, financial services are using AI in two main ways: to provide information and to power tools that help users with saving, budgeting, investing, and building credit. Here are a few examples:

• Wealthsimple’s AI chat helps Canadians understand investing basics.
• Bloom’s mobile app tracks spending and offers insights using a smart assistant named Oscar.
• Borrowell’s Credit Coach gives personalized advice to help users improve their credit scores.
• RBC’s NOMI feature offers automatic savings and spending tips based on users’ habits.

These tools are smart, personalized, and easy to use. But not all AI tools are created equal. Many of them focus on making it easier to spend your money—not save it. 

In a recent CBC column, Credit Canada CEO Bruce Sellery pointed out, “Almost all the innovation we see in the payments space is about buying faster and easier. This is great for marketers, but really not great for individuals.” 

This focus on consumption can make it harder for you to stay in control of your money—especially if you’re one of the many Canadians already dealing with debt.

Introducing Mariposa: Debt help reimagined with AI

While many AI financial tools help with saving or investing, very few meaningfully address debt. That’s what makes Mariposa such a breakthrough.

A collaboration between credit counselling experts at Credit Canada and Canadian AI innovators at Midas Labs, Mariposa offers confidential, judgment-free help 24/7—giving people the confidence to take control of their debt, whenever they’re ready. 

At a time when the average non-mortgage personal debt has climbed to $21,859 and over 1.4 million Canadians have already missed a credit card payment this year, the need for accessible, stigma-free support has never been more important.