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Helpful or harmful? How to use AI to personalize financial wellness programs for employees 

January 15, 2026
Drew Maginn

Many Canadians are struggling financially, and it’s affecting them at work, most notably through their engagement, productivity and morale. Once considered a “nice to have,” most benefits programs now offer some type of support in managing personal finances, and programs that use artificial intelligence (AI) to tailor support for employees are gaining traction in some organizations. However, as when adopting any new technology, it’s important to weigh the pros and cons in relation to the needs of employees when designing financial wellness programs with AI personalization.

Why are employers turning to financial wellness programs with AI personalization?

According to the Financial Consumer Agency of Canada, both employees (70 per cent) and employers (73 per cent) believe that financial wellness support should be offered in workplaces, with 78 per cent of employees expressing interest in financial education programs. However, with employees needing and expecting tailored financial advice to address their different goals (e.g., budgeting, debt repayment, home ownership, retirement savings), strategic AI integration can provide personalized support that some traditional financial wellness programs may struggle to offer. 

What are the benefits of AI-based personalized financial wellness for employees?

There’s no denying that AI offers a wide range of benefits that haven’t been available in the past. These benefits include the below.   

  • AI won’t judge you (or your financial situation): Employees may feel overwhelmed or embarrassed to discuss their financial situation with a financial advisor, and AI may offer a “safer” entry point into this conversation. For an employee who is hesitant about fully disclosing their financial situation to a live person, or who wants to get more informed before talking to someone, AI can be a bridge that allows them to take an initial step toward understanding their finances.

 

  • AI can consolidate your financial data: Managing multiple bank accounts, credit cards and loans can be overwhelming, and consolidating all this information in one place can be a difficult and time-consuming process. With the right information, AI tools can link all this information to provide a fulsome financial picture and make more informed recommendations about how to proceed. 

  • AI offers personalized coaching: AI tools can analyze all aspects of an employee’s financial health including income, spending patterns, debt management and savings. With this information, these tools can provide personalized recommendations (e.g., monthly budget plans, opportunities to reduce spending). These tools can also keep employees accountable to their financial plans by sending reminders and tracking positive changes over time.  

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What are the risks of implementing AI personalization in workplace financial wellness? 

While integrating AI into financial wellness programs can be exciting, and vendors can often be very persuasive when discussing its value, there are always risks to consider. 

    • Don’t assume your employees are familiar with and trust AI: A recent Ipsos survey reported that while 87 per cent of Canadians are comfortable using new technology, 41 per cent remain unfamiliar with AI applications and only 43 per cent trust AI information to be honest, reliable and competent. These gaps suggest that while AI applications might be appealing to some, your financial wellness programs should not overly rely on AI, which means you may need to continue offering employees access to human financial advisors, coaches and trainers.

  • Prioritize employee data protection and privacy: Given that using an AI program requires the employee to disclose their personal financial information, employers must be committed to always protecting that data. This includes ensuring that data protection aligns with all regulations, such as those included in the Personal Information Protection and Electronic Documents Act and the Office of the Privacy Commissioner of Canada. All users should be aware of how their financial information is being used, stored, retained and shared to minimize risk, both for employees and employers. 

 

  • Remind employees that AI can (and does) make mistakes: When employers provide access to AI tools, employees with less training and digital literacy may use them without understanding all the risks. In fact, KPMG’s global study, Trust, Attitudes and Use of Artificial Intelligence, ranked Canada 44 out of 47 advanced and emerging economies in AI training and literacy. AI can provide incorrect or misleading financial advice for a variety of reasons, and your employees need to be aware of its limitations. Whether it’s due to employees not disclosing all their finance information upfront or having more complex financial situations, the result could be disastrous if there is implicit trust that this technology is foolproof. 

How can you start measuring the success of AI-personalized financial wellness programs?

Measuring the success of AI-supported financial wellness programs typically begins by monitoring metrics such as employee participation rates, benefits utilization and overall engagement with AI tools. This information can be further contextualized through employee engagement activities like satisfaction surveys and focus groups that may uncover which aspects of your program are enhanced through AI support and guidance, and which are not. 

However, be aware that strong, peer-reviewed research on the impact of AI on workplace financial wellness is still fairly limited in Canada, and outcomes may vary across different organizations. In addition, a lot of the readily available case studies and evaluations of AI’s impact on financial wellness programs come from the vendors offering these services, so that information should always be reviewed with some degree of scrutiny. 

With most employees expecting their workplaces to support their financial health, employers are tasked with finding solutions that can support each employee’s unique situation. By integrating AI into financial wellness programs, there is potential for employees to enjoy a personalized experience that fits their specific needs. Although AI can have a positive impact on your program, it needs to be integrated with thoughtful consideration. While it may be tempting to go all in on AI support tools, there needs to be a commitment to finding a balance. When it comes to managing finances, there is too much at risk to not proceed with caution.   

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