Canadians Cite Concerns Over Bills, Debt, and Identity Theft

Equifax Canada Survey Provides Consumer Perspectives on Credit Awareness and Housing Ahead of Financial Literacy Month

TORONTO, Oct. 30, 2023 (GLOBE NEWSWIRE) -- A consumer survey conducted by Equifax Canada ahead of Financial Literacy Month in November found that Canadian consumers are concerned about their ability to pay their bills on time, manage their debt, and protect their personal financial data. Nearly half of those surveyed indicated that they have never received financial education.

Key findings from the survey include:

• Younger adults (aged 18-34) appear to be more likely to rely on social media for financial education, 42 per cent versus 22 per cent of all respondents.
• 36 per cent of younger adults disclosed that they have missed a bill payment this year compared to 23 per cent of all respondents.
• 52 per cent of respondents aged 18-34 are experiencing anxiety about their personal debt levels, which is significantly higher than the overall average of 39 per cent of other respondents.
• 45 per cent of those surveyed worry about paying off debt (mortgages, student loans), but only 18 per cent have sought professional advice or counselling for debt management.
• 32 per cent of the Canadians surveyed never check their credit reports. Checking credit reports is one of the best ways to spot identity theft early.

“Financial education is an essential building block towards financial resilience to help people make informed financial decisions and protect their well-being,” said Julie Kuzmic, Equifax Canada’s Senior Compliance Officer, Consumer Advocacy. “We need to talk about money more to empower Canadians of all ages and backgrounds to build financial resilience. At Equifax, we know that conversations of this kind can matter a great deal in getting a credit card, a mortgage, or rental housing, and we offer a wide range of products and resources on our website to help with financial literacy, fraud protection, and credit reporting.”

CONCERNS ABOUT HOUSING
Housing affordability is a top concern, with 86 per cent of all respondents saying governments should do more to address the issue. Additionally, 36 per cent expressed concern about their mortgage renewing at a higher interest rate than they can afford, potentially pointing to future financial strain. The data also shows that 31 per cent of those surveyed have had to seek additional income due to higher mortgage or rental payments, and 35 per cent worry about job security. Furthermore, 19 per cent indicated that they find themselves in a precarious financial situation, feeling the need to move due to affordability issues, emphasizing the urgent need for solutions to housing affordability. Half of Canadians surveyed (52 per cent) agree that newcomers face difficulties securing housing due to a lack of credit history.