TORONTO, ON (November 3, 2026) – Nearly half (49 per cent) of Canadians surveyed aged 18 to 34 worry their financial health and credit score could affect a major financial milestone in the next 12 months, according to a new Equifax Canada* Financial Literacy survey. That compares with 31 per cent of those aged 35 to 54 and just 11 per cent of Canadians aged 55 and older.

From qualifying for a mortgage to securing a rental apartment or financing a vehicle, younger Canadians are focused on how their financial health and credit scores could influence important financial decisions. Nationally, more than one in four Canadians (27 per cent) are worried about their financial health and credit scores affecting at least one financial milestone, rising to 41 per cent among households with children under 18.

The survey also found that 42 per cent of respondents say evolving financial goals have prompted them to take a more proactive role in managing their credit score. That figure rises to 59 per cent among Canadians aged 18 to 34 and 55 per cent among households with children.

"Understanding the components that impact a consumer’s credit score can help empower Canadians to plan for life's biggest financial decisions, from finding a place to live to accessing the most favorable credit terms," said Rebecca Oakes, Vice President of Advanced Analytics at Equifax Canada. "Younger Canadians are recognizing the importance of trying to establish better financial habits early on as everyday expenses are putting pressure on household budgets. Understanding how to build credit and taking steps to maintain a healthy credit history can help consumers better prepare for important financial decisions.”

Financial Challenges Vary Across Households and Regions

The survey found that nearly one in five Canadians (19 per cent) say they have a strong credit score, but are struggling to cover their expenses. That figure rises to 25 per cent among households with children under 18.

More broadly, while 39 per cent of Canadians say they can comfortably cover their expenses and have money left over, another 37 per cent can cover their expenses but have little or no money remaining.

Other findings highlight the financial pressures facing Canadian households:

• 15 per cent sometimes or regularly use credit or borrow money to cover essential expenses, rising to 21 per cent among Canadians aged 18 to 34 and households with children.
• 15 per cent are taking proactive steps to safeguard their credit standing amidst changing economic conditions.
• 17 per cent say rising costs have prompted them to focus more on managing their credit score, while 10 per cent report becoming less focused on it.
• 17 per cent know what they need to do to improve their credit score but say their financial circumstances prevent them from doing so.

Atlantic Canadians report some of the greatest financial challenges, with nearly one in four respondents (24 per cent) saying they sometimes or regularly use credit or borrow money to cover essential expenses, compared with 15 per cent nationally. The region also reports elevated concerns about financial health affecting vehicle financing (19 per cent) and mortgage qualification or renewal (17 per cent), compared with 10 per cent and 11 per cent nationally, respectively.

In Ontario, nearly one in three consumers who responded  (32 per cent) worry their financial health could affect a major financial milestone in the next 12 months, compared with 27 per cent nationally. Meanwhile, 18 per cent of Ontarians report relying on credit or borrowing to cover essential expenses.

Building Credit Awareness for Long-Term Growth

• 21 per cent of Canadians surveyed aged 18 to 34 are focused on optimizing their credit score to prepare for qualifying or renewing a mortgage, compared with 11 per cent nationally.
• 19 per cent of those surveyed indicated that they are building their credit standing to strengthen rental agreement applications, nearly double the national figure of 10 per cent.
• 21 per cent of those surveyed know how to improve their credit score but say their financial circumstances prevent them from doing so, compared with 17 per cent nationally.

"Financial literacy is all about understanding the positive steps you can take to strengthen your financial position," added Oakes. "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. Many Canadians are gaining valuable insight into credit building, and consistent actions like monitoring credit reports, paying bills on time, and managing credit utilization can build a solid foundation for achieving lifelong financial goals."

Equifax Canada encourages consumers to regularly review their credit reports, monitor their credit activity and understand the factors that influence their credit scores. Canadians can access their Equifax credit report and credit score for free through Equifax Canada. Another option for Canadians to consider is subscribing to a credit monitoring and ID protection tool, such as Equifax Complete Protection.

* The Equifax Canada Cybersecurity and Financial Literacy Omnibus survey was conducted by Leger among 1,525 Canadian adults aged 18 and older between October 9 and 11, 2026, with a margin of error of ±2.5 percentage points, 19 times out of 20.

About Equifax

At Equifax, we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.