Nearly Half of Young Adults Surveyed Worry their Financial Health Could Affect Major Financial Milestones
Key Highlights
- ➤49% of Canadians aged 18-34 fear financial health could affect milestones within 12 months
- ➤42% of Canadians are taking a more proactive role in managing credit scores
- ➤15% of Canadians use credit or borrowing for essential expenses
- ➤Atlantic Canadians report 24% reliance on credit for essential expenses, versus 15% nationally
Expert Statements
Rebecca Oakes, Vice President of Advanced Analytics at Equifax Canada
“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.”
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.”
Rebecca Oakes, Vice President of Advanced Analytics at Equifax Canada
“Financial literacy is all about understanding the positive steps you can take to strengthen your financial position.”
Rebecca Oakes, Vice President of Advanced Analytics at Equifax Canada
“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.”
TORONTO, Nov. 03, 2026 (GLOBE NEWSWIRE) -- 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.
Get started
Create a free account to read the full story.