First off, the positives. Canadian consumers’ confidence in their banks’ ability to provide financial advice is on the rise. JD Power reports that banks seem prepared to meet demand as customer satisfaction with the financial advice they are getting from their bank has improved from 2024. Overall satisfaction is 579 (on a 1,000-point scale), 13 points higher than a year ago. Key drivers of this improvement include the frequency, quality and relevancy of the advice, as well as the level of concern financial institutions show for their customers’ needs.
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But less positive is the impact of cost-of-living challenges, inflation, and personal debt. It means that more Canadians are struggling to stay financially afloat. Specifically, 44% are now considered financially vulnerable, up from 36% just five years ago, according to the JD Power 2025 Canada Retail Banking Advice Satisfaction Study.
Moreover, the report notes that this worsening financial health is changing the nature of the advice Canadians seek from their banks.
Customers are increasingly turning to their financial institutions for support with short-term, everyday challenges, Examples include paying bills, managing credit, and sticking to a budget rather than long-term planning.
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Appetite for bank advice is growing: More than one-quarter (26%) of bank customers say they are “very interested” in receiving bank advice or guidance, up from 19% in 2021. Interest in bank advice is particularly strong among immigrants who have lived in Canada less than two years (47%), as well as among affluent customers (32%) and young mass affluent customers (31%).
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Shift in advice focus: While investment- and retirement-related advice continue to be the most sought-after topics, the study reveals a shift in customer priorities since 2021. Interest in advice addressing immediate needs such as ways to pay bills on time has increased 4 percentage points and borrowing/credit-related guidance has increased 2 percentage points. In contrast, demand for investment- and retirement-focused advice has declined 7 percentage points and 4 percentage points, respectively.
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Advice recall stalls: Although 49% of customers say their bank has done a good job of making their interactions memorable, the trend has plateaued this year. This signals a need to find more effective engagement strategies. The study shows that strong marketing communications that affirm and reassure customers that the bank is there for them when needed (on demand) is the preferred approach.