Equifax: 6 in 10 Canadians fear a shortfall in retirement savings

Other things that Canadians are concerned about include job security, credit scores / credit reports, and the end of federal COVID support programs – about a third of respondents mentioned them.

However, the survey also found that more and more people are taking better care of their finances by checking credit reports and scores. More than three-quarters do it at least once a month compared to two-thirds who rarely or never did it five years ago.

“While there are still a lot of people concerned, it is encouraging that consumers are taking the time to better understand their relationship with credit,” said Julie Kuzmic, Senior Compliance Officer, Consumer Advocacy at Equifax Canada. “We certainly see more people checking their credit reports and scores now than a few years ago, but there is still a lot of misunderstanding about how credit scores are calculated and what information goes into a credit report. “

Understanding Credit Reports

Young Canadians are more likely to be monthly credit report checkers, especially to verify that the information held on their finances is correct.

But this 18-34-year-old cohort is also more likely to be confused about how credit scores and reports work.

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