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1 in 4 Canadians are in subprime or near-prime credit categories

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A quarter of Canadians are in subprime or near-prime credit categories, which is adding to their fears of checking their credit score.

While 96% say they believe a good credit score is important, just 41% know theirs according to a Leger poll for Refresh Financial, a FinTech which helps Canadians with their credit history.

“We commissioned this study to dig deeper into the level of understanding that Canadians have about credit – the importance of it, and how it works” remarks Michael Wendland, CEO and Founder of Refresh Financial. “At Refresh we have first-hand knowledge that many Canadians have not traditionally given their credit portfolio consideration until they are denied a financial product due to a low credit score.”

The survey revealed that concern about credit is higher among Millennials and Gen Z’ers; 39% of those aged 18-34 say they are more stressed about their credit score than a year ago compared to 17% on average across all other age groups.

A lack of knowledge is driving this fear among younger Canadians with 60% of millennials and Gen Z failing to learn about credit before getting their first credit card and 25% of 18-34 year-olds saying they are not confident they know what makes up their credit score.

The poll also shows that 23% of Canadians believe their credit score is holding them back from important life decisions.

Ian Clark with Dog

Ian Clark

Born and raised in beautiful Mount Pearl, starting his career in finance upon graduating with a Business Administration Diploma. Ian is always advocating for the client and offering the best service.

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