Equifax Reveals Canadians Rethinking Finances

Canadians are re-evaluating their financial relationships, according to new research from Equifax Canada.

A new consumer survey commissioned by Equifax shows many people in Canada are considering switching from their current banks and lenders in search of additional support for their credit and financial needs.

Key findings from the survey include:

● 56 per cent of mortgage holders say they will explore refinancing with a different lender when it comes time to renew.

● 57 per cent of Canadians under 35 would switch to a different financial institution if it helped them build and monitor their credit, compared to 38 per cent of those aged 35+.

● 40 per cent feel that their bank or lender could do more to proactively support their changing credit needs, such as adjusting credit limits or offering new solutions.

● 95 per cent say protecting their credit and identity is important.

● 79 per cent emphasize that access to credit is critical to reaching their financial goals.

Julie Kuzmic

“Younger adults are looking for tools to monitor and strengthen their credit health. They are also more open to changing lenders if they believe that their needs aren’t met,” said Julie Kuzmic, Senior Compliance Officer, Consumer Advocacy at Equifax Canada. “Being proactive about protecting your credit and understanding how it affects your financial options is essential in today’s economy.”

Mortgage pressures may be driving borrowers to consider switching lenders

Nearly two-in-five mortgage holders (41 per cent) have considered switching lenders in the past year, and a similar proportion (38 per cent) say they have received refinancing offers from other financial institutions. Among newcomers to Canada, 55 per cent have considered switching financial providers, and 53 per cent report receiving refinancing or new mortgage offers. Younger mortgage holders are also more likely to consider switching, with 62 per cent saying they plan to explore refinancing elsewhere at renewal time, compared to 52 per cent of those aged 35+, explained Equifax.

Generational and Newcomer credit needs

While 72 per cent of Canadians aged 35+ say they currently have sufficient access to credit, only 62 per cent of those under 35 agree. Younger Canadians are also more likely (58 per cent) to expect their credit needs to change in the next 2–3 years, compared to 40 per cent of older Canadians. Among newcomers, 84 per cent cite access to credit as important for meeting their goals, compared to 78 per cent of Canadian-born respondents. Newcomers are also more likely to say their banks and lenders have helped them establish credit, it said.

Helping Canadian consumers and businesses

Almost all of those surveyed (97 per cent) said that protecting their credit and identity is very important.

“Protecting your identity has never been more important. Canadians overwhelmingly see credit and identity protection as essential to reaching and safeguarding their financial goals,” added Kuzmic. “Regularly monitoring your credit report, practicing strong digital security, and staying alert to unusual activity are some of the best steps people can take to protect themselves. At Equifax, you can check your credit for free because monitoring your credit history and credit scores can help you better understand your current credit position.”

Credit and lending products and support

“Among those surveyed, 19 per cent of Canadians feel they do not have sufficient access to the credit and lending products they need to achieve their goals. Fewer than half (47 per cent) believe their current bank or lender is helping them achieve their financial goals, and just over half (54 per cent) say they trust their bank or lender to help them improve their credit over time. These gaps may be contributing to shifting loyalties, particularly among younger adults and newcomers who are most willing to explore alternatives,” noted Equifax.

Mario Toneguzzi

Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.

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Canadians Considering Switching Banks and Lenders: Equifax

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