Canadians can find bad financial advice everywhere, and that’s sometimes costing them thousands of dollars.

Most people believe they can spot bad advice, but about a third of Canadians admit they’ve followed advice that has hurt their finances, with 77 per cent of those respondents saying it cost them more than $1,000,

according to a recent survey by Co-operators Group Ltd. The problem is that contradicting information is everywhere, from posts on

social media to talking heads on television to loved ones who say they’ve found the next big thing.

The survey said 48 per cent of respondents are overwhelmed by the high volume of conflicting information, and social media is largely to blame.

“Despite having access to more information than ever, nearly half of Canadians admit they’ve made financial mistakes that could have been avoided with better guidance,” Jess Baker, executive vice-president and chief retail sales officer at Co-operators, said in the release. “The challenge isn’t finding information; it’s filtering it.”

Young Canadians are particularly at risk, with 19 per cent of millennials and 31 per cent of gen-Zers saying they have acted on bad social media advice.

Part of the problem is that traditional advice from older generations sometimes fails to reflect the realities of today.

A quarter of millennials and 34 per cent of gen-Zers believe the advice from older generations isn’t relevant to the current financial pressures they face, according to a

recent survey by Simplii Financial . “It’s not that younger Canadians don’t want advice; they want advice that fits,” Jessica Moorhouse, Canadian money expert and best-selling author of Everything but Money, said in a release. “Today’s young adults are navigating entirely different financial pressures than their parents did, from cost-of-living challenges to digital side hustles.”

Still, parents are growing increasingly concerned their children may be learning about money through social media.

About 70 per cent of parents are taking financial literacy more seriously than they did five years ago, according to a

survey released this week by Toronto-Dominion Bank , and 61 per cent said they are growing concerned about their child’s use of social media for money help.

“Social media is increasingly becoming a powerful force in our daily lives and — for better or for worse — kids are learning about money from their feeds as much as they are from their families,” Kristy Irwin, product group owner, youth and student at TD, said in a release. “Financial literacy is evolving with digital culture and parents have an opportunity to help kids learn how to spend wisely and not impulsively.”

READ OUR RED INK SERIES

Governments around the world are awash in debt, and Canada is no exception. But just how severe is the problem and what will the consequences be? With the federal deficit in the spotlight ahead of the Nov. 4 budget, the Financial Post is exploring the state of sovereign debt in Canada and beyond in a weeklong series called Red Ink. From a primer on Canadian indebtedness to the consequences of a U.S. default, we’ll explore some major questions about government debt and the looming deficit.

  • How soaring government debt could play a starring role in the next great financial crisis
  • Canada is in a small club of countries with a AAA credit rating. How long can it last?

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Doug Ford’s recent U.S. commercial highlighting free trade has annoyed U.S. President Donald Trump, but it’s also shown that the Ontario premier is annoyed too, particularly when it comes to the auto sector.

Ford has said he feels like the auto trade has slipped to the side of negotiations between the two countries, and the sector is now warning that tariffs are making it harder to sell in the U.S. market.

Motor vehicles and parts were Ontario’s largest export in 2023 at $73 billion, but those exports are almost entirely to the U.S.

  • 9:45 a.m.: Bank of Canada interest rate announcement and monetary policy report
  • 2:00 p.m.: U.S. Federal Open Market Committee interest rate announcement
  • 2:30 p.m.: Press briefing with U.S. Federal Reserve Chair Jerome Powell
  • Today’s Data: U.S. pending home sales for September
  • Earnings: Microsoft Corp., Alphabet Inc., Meta Platforms Inc, The Boeing Company, Verizon Communications Inc.
  • How soaring government debt could play a starring role in the next great financial crisis
  • Bank of Canada expected to cut interest rate this week as forecasters see more weakness to come for economy
  • The CRA is already deflecting responsibility for its missteps instead of improving
  • How to make a graceful exit from certain exposures in the stock market

Read more here. As grocery prices climb, some items have experienced sky-high price increases since the pandemic. Coffee prices were up 28.6 per cent last month alone due to poor weather conditions in coffee-producing countries. Meanwhile, beef has climbed 14 per cent and pork is up 5.5 per cent. There is some good news, however, as berries are down 13 per cent and edible fats are down 1.5 per cent.

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).

McLister on mortgages

Find out what foods Canadians are paying the most for as grocery prices rise. Want to learn more about mortgages? Mortgage strategist Robert McLister’s

Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his

Financial Post on YouTube

mortgage rate page for Canada’s lowest national mortgage rates, updated daily. Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, Canadian Press and Bloomberg.

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