Fidelity finds advisers hold the trust edge over AI on retirement guidance
Eight percent of pre-retirees and 18 percent of retirees have a detailed plan for converting their savings into retirement income, even as economic anxiety and growing AI use are reshaping how Canadians approach retirement planning.
The Fidelity Investments Canada's 21st annual Retirement report found that most retirees are withdrawing savings on an as-needed basis rather than following a structured drawdown strategy.
"Saving is only half the equation; how Canadians turn savings into income is just as important," said Michelle Munro, director of tax and retirement research at Fidelity.
A clear withdrawal plan, she added, helps Canadians avoid costly missteps and feel confident their savings will last through retirement.
Twenty-six percent of pre-retirees and 11 percent of retirees said they use AI for financial planning, with the most common applications being investment information (36 percent), taxes (29 percent), and budgeting (27 percent).
According to a December 2025 FidelityConnects Adviser Pulse Poll, On the adviser side, 83 percent of financial advisers expect to increase their own AI use in 2026.
Yet confidence in AI remains shallow.
Among those using AI for financial planning, 65 percent described themselves as only "somewhat confident" in the information they receive, and just 5 percent named AI as their most trusted source of financial information.
By contrast, 88 percent of respondents who work with a financial adviser named the adviser as their most trusted source.
Michelle Munro said AI can process large amounts of information quickly, but financial advisers remain the most trusted source of financial and retirement planning among respondents.
"Trust is built through context, judgment and personal understanding," she added.
Respondents with both an adviser and a written financial plan reported markedly more positive retirement outlooks.
Eighty-six percent of pre-retirees and 90 percent of retirees in that group said they felt positive about retirement, compared to 53 percent and 76 percent, respectively, among those without either.
Fifty-one percent of advised Canadians said they felt closer to achieving their financial goals, versus 33 percent of those without an adviser.
Inflation remained the dominant concern at 80 percent of respondents, followed by geopolitical turmoil and economic growth concerns at 60 percent each.
Among those worried about political turmoil, 31 percent of pre-retirees and 34 percent of retirees said they had shifted at least some assets into more conservative holdings such as GICs, bonds, and cash.
Mortgage debt also remained a factor.
The survey also revealed fifty-one percent of pre-retirees and 22 percent of retirees still carry a mortgage, with 68 percent of pre-retirees and 54 percent of retirees not expecting to pay it off within a decade.
