Nearly half of Canadians aged 18 to 34 surveyed by Equifax Canada say their financial health and credit score could affect a major financial milestone within the next year, highlighting the pressure rising costs are placing on younger adults and families.
The concern was reported by 49 per cent of respondents in that age group, according to the company’s latest Financial Literacy survey. That compares with 31 per cent of Canadians aged 35 to 54 and 11 per cent of those aged 55 and older.
The milestones identified in the survey include qualifying for a mortgage, obtaining a rental apartment and arranging financing for a vehicle. Nationally, 27 per cent of respondents said they were concerned that their financial health or credit score could affect at least one such decision during the coming 12 months.
Families report greater pressure
The results show a wider gap among households raising children. Forty-one per cent of households with children under 18 said they worried their financial health and credit scores could influence a major financial milestone. That is considerably higher than the national result reported in the survey.
The survey also found that Canadians are changing how actively they manage their credit. Overall, 42 per cent said shifting financial goals had led them to take a more proactive approach to their credit score. The proportion rose to 59 per cent among respondents 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.”
Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, said younger Canadians are recognizing the value of developing stronger financial habits early, as everyday expenses put pressure on household budgets. She said learning how credit is built and taking steps to preserve a sound credit history may help people prepare for significant financial choices.
Credit strength does not eliminate financial strain
The findings also suggest that a good credit score does not necessarily mean a household is financially comfortable. Almost one in five respondents, or 19 per cent, said they had a strong credit score while still struggling to pay their expenses. The figure increased to 25 per cent among households with children under 18.
| Group | Concern about a milestone in the next year |
|---|---|
| Canadians aged 18 to 34 | 49 per cent |
| Canadians aged 35 to 54 | 31 per cent |
| Canadians aged 55 and older | 11 per cent |
| All Canadians surveyed | 27 per cent |
| Households with children under 18 | 41 per cent |
What the survey indicates
The results point to credit becoming a more immediate consideration in everyday planning, particularly for people seeking housing or transportation while managing household costs. They also show that financial stress can persist even when a person’s credit score is considered strong.
- Younger adults were the age group most likely to connect credit health with an upcoming major financial decision.
- Households with children reported higher levels of concern than the national average.
- Many respondents said changing goals had prompted them to manage their credit more actively.
Equifax Canada’s release describes the results as coming from a recent Financial Literacy survey. The source material does not provide the survey’s sample size, field dates, regional breakdown or methodology, so the figures should be read as the company’s reported survey findings rather than a complete measure of financial stress across Canada.
Even so, the age and household differences in the results underscore how financial health is being weighed alongside other practical considerations. For younger Canadians and families, the ability to maintain credit while covering routine expenses may be closely tied to decisions about where to live, how to travel and whether a planned purchase is within reach.
