Equifax Canada survey finds younger Canadians are more proactive about credit management, but rising costs are limiting their options
Nearly half of Canadians aged 18 to 34 worry their credit score could stand in the way of a major financial milestone in the next 12 months, according to a new survey from Equifax Canada released on November 3, 2026 - a finding that points to a significant client education opportunity for financial advisors working with younger Canadians.
The Equifax Canada Financial Literacy survey, conducted by Leger among 1,525 Canadian adults between October 9 and 11, 2026, found that 49 per cent of respondents aged 18 to 34 expressed concern about how their financial health could affect goals such as qualifying for a mortgage, securing a rental apartment, or financing a vehicle.
That compares with 31 per cent of Canadians aged 35 to 54 and just 11 per cent of those aged 55 and older. Nationally, more than one in four Canadians (27 per cent) said they worried their credit standing could affect at least one major financial milestone.
A generation under financial pressure
The data suggests younger Canadians are not passive about their credit. Some 59 per cent of those aged 18 to 34 said evolving financial goals had prompted them to take a more proactive role in managing their credit score, compared with 42 per cent of Canadians overall.
However, awareness is not always enough: 21 per cent of younger adults said they know what steps are needed to improve their credit score but are prevented from doing so by their financial circumstances - a figure slightly above the national rate of 17 per cent.
The tension between intent and capacity is a recurring theme in recent Wealth Professional Canada reporting on credit literacy among Canadians, and the Equifax findings reinforce it. Fifteen per cent of Canadians said they sometimes or regularly use credit or borrow money to cover essential expenses - rising to 21 per cent among those aged 18 to 34 and households with children.
Meanwhile, 19 per cent of Canadians report having a strong credit score but struggling to cover their day-to-day expenses, a figure that climbs to 25 per cent among households with children under 18.
"Younger Canadians are recognizing the importance of trying to establish better financial habits early on as everyday expenses are putting pressure on household budgets," said Rebecca Oakes, Vice President of Advanced Analytics at Equifax Canada. "Understanding how to build credit and taking steps to maintain a healthy credit history can help consumers better prepare for important financial decisions."
Regional variation reveals deeper vulnerabilities
The survey highlights notable geographic disparities that advisors serving clients across different provinces should be aware of. Atlantic Canadians reported some of the sharpest financial strain: nearly one in four respondents in the region (24 per cent) said they sometimes or regularly use credit or borrowing to cover essential expenses, well above the national figure of 15 per cent.
Concerns about credit affecting vehicle financing reached 19 per cent in Atlantic Canada, versus 10 per cent nationally, while mortgage qualification worries sat at 17 per cent in the region compared with 11 per cent across the country.
Ontario also showed elevated concern, with nearly one in three respondents (32 per cent) worried their financial health could affect a major milestone in the next 12 months, compared with 27 per cent nationally. Eighteen per cent of Ontarians reported relying on credit or borrowing to cover essential expenses.
As Wealth Professional Canada has reported on the persistent gap in financial literacy among Canadian youth, the data underscores a growing need for structured guidance from trusted professionals.
The advisor's role in building credit confidence
For advisors working with younger client segments, the survey points to concrete engagement opportunities. Twenty-one per cent of Canadians aged 18 to 34 said they are focused on optimising their credit score to prepare for mortgage qualification or renewal, nearly double the national rate of 11 per cent. A further 19 per cent of younger adults said they are actively building their credit standing to strengthen rental applications, compared with 10 per cent nationally.
These are not abstract concerns. They represent the financial milestones that often bring younger clients into an advisor relationship in the first place, and where building credit feels tougher than ever for many Canadians amid elevated living costs.
"Financial literacy is all about understanding the positive steps you can take to strengthen your financial position," Oakes said. "Regularly reviewing your credit report, making payments on time where possible and understanding how credit utilization affects your score can help consumers make more informed decisions, even when household budgets are tight."
Equifax Canada encourages consumers to review their credit reports regularly and monitor credit activity through its free credit score service, as well as through subscription tools such as Equifax Complete Protection.
