Canadians have begun checking their credit reports more frequently, as well
Despite mounting savings and federal financial assistance programs, 42% of Canadians have expressed concerns about paying off their current debt, while 37% are doubtful about their ability to pay monthly bills and 34% are worried about their job security, according to a new survey by Equifax.
Another 61% said that they are concerned about being able to live comfortably in retirement, while 57% are concerned about their investments.
This anxiety was especially apparent when it comes to credit scores, with 78% of respondents saying that they have checked their credit reports at least once, compared to the 67% who said that they “rarely or never” checked their reports in a similar survey five years ago.
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An estimated 64% of Canadians have checked their credit reports over the past year alone, while 26% did so over the past month, Equifax said.
Young Canadians in the 18-34 age range were found to be more likely to check their credit reports than those over the age of 35. However, despite this more frequent checking, the demographic was also less likely to have a full understanding of how credit reports and scores work, Equifax said.
“We’re certainly seeing more people checking their credit reports and scores now compared to a few years ago, but there’s still a lot of misunderstanding about how credit scores are calculated and what information goes into a credit report,” said Julie Kuzmic, senior compliance officer for consumer advocacy at Equifax Canada.
