Canadians Cite Concerns Over Bills, Debt, and Identity Theft - Seite 2

FACING A FINANCIAL SQUEEZE
Younger adults in Canada appear to be feeling the financial pinch more acutely than their older counterparts. The survey found that 52 per cent of respondents aged 18-34 are experiencing anxiety about their personal debt levels, significantly higher than the overall average of 39 per cent of other respondents. They are also more likely to explore “side hustles” (69 per cent versus 47 per cent) or to consider taking on second or third jobs (48 per cent versus 30 per cent) to increase their income and meet their financial obligations. Concerns about retirement are also prevalent among this age group, with 68 per cent feeling apprehensive.

“It doesn’t take much to become entangled in debt, especially in our current economic climate, as we shared in our recent Market Pulse Quarterly Credit Trends report for Q2,” said Kuzmic. “Watching your credit reports and scores in the context of your fluctuating debt levels is crucial to manage your financial well-being and access financing now and in the future.”

DATA PROTECTION AND CREDIT AWARENESS
Among younger adults (aged 18-34), 32 per cent believe they are unlikely to become victims of identity theft, compared to 19 per cent of all respondents. Additionally, younger adults surveyed stated that they are less likely to use up-to-date anti-virus protection for their computers (61 per cent versus 72 per cent of the general population). On a positive note, younger adults are more proactive in regularly checking their credit reports (68 per cent versus 62 per cent of all respondents).

To learn more about how credit works and how to help protect their identity, consumers are encouraged to visit Equifax Canada’s education hub. The site offers insights on how different actions may affect credit scores and provides resources to help Canadians improve their financial resilience.

^{*An online survey of 1,564 Canadians was completed between September 15-18, 2023, using Leger’s online panel. The margin of error for this study was +/-2.5 per cent, 19 times out of 20.}

About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by 14,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.

Media Contacts:

Andrew Findlater SELECT Public Relations [e-mail] [phone]

Heather Aggarwal Equifax Canada Media Relations [e-mail]