Survey points to advisors as most Canadians stay open to guidance they haven't sought
Most Canadians say they understand how their credit score works, yet far fewer are acting on that knowledge, according to new national survey data released by Money Mart.
The survey found that 84 percent of Canadians say they understand what affects their credit score, but only 45 percent report actively taking steps to build or improve it.
Nearly half (47 percent) say they face at least one barrier to improvement, and 29 percent describe the process as difficult.
Among those who have not followed through, Money Mart said 22 percent know what to do but have not acted, 18 percent do not know where to start, and 11 percent tried in the past and gave up.
Where Canadians turn for guidance points to an opening for advisors.
Among those who have sought help, 37 percent went to friends or family, while 34 percent consulted a financial advisor or credit counsellor and another 34 percent relied on an online search.
Looking ahead, nearly three quarters (72 percent) say they are open to seeking help, and Money Mart reported that financial advisors and credit counsellors (44 percent) and banks and credit unions (43 percent) rank as the most cited preferred sources.
Perceptions of the system itself weigh on that demand.
According to the survey, 62 percent of Canadians feel the credit system is designed for people who are already financially stable, a view that rises to 71 percent among Gen Z and 70 percent among millennials.
Barriers to improvement also skew younger and lower-income: the share reporting at least one barrier reaches 66 percent among households earning under $50,000 and 68 percent among Gen Z.
Credit worries are shaping major decisions.
Money Mart reported that 22 percent of Canadians have delayed or abandoned buying a home over concerns their credit would not qualify, 18 percent have delayed financing a vehicle, 14 percent have put off starting a business, and 12 percent have delayed renting an apartment.
Only 12 percent describe their finances as thriving, while 17 percent say they are struggling or in survival mode, as per the release.
Money Mart also pointed to its own customer data to argue that improvement is achievable.
In an analysis of Alberta and Manitoba customers over an 18-month period, the company said 91 percent of those who started with credit scores below 560 and made on-time payments raised their score, with an average increase of 68 points.
The barrier to better credit "isn't simply awareness," but access to practical options for building a positive history over time, said Peter Kalen, chief executive officer of Money Mart.
He said many Canadians know what affects their credit but find it hard to turn that into progress.
