Canadian consumers in the hot seat

The most important highlights

Key findings from the Equifax survey include:

  • young adults ages 18 to 34 are more likely to use social media for financial education (42% vs. 22% of all respondents);
  • 36% of young adults reported not paying a bill in 2024, compared to 23% of all respondents;
  • 45% of respondents are afraid of repaying their debts (mortgage loans, student loans). However, only 18% have sought help from professionals on this topic.

Affordability issues

According to the survey, housing affordability is a major issue. 86% of respondents said governments should do more to address this issue.

Additionally, 36% fear their mortgage will be extended at a higher interest rate than they can afford, suggesting future financial difficulties.

The data also shows that 31% of respondents have had to find additional income to cover their increasing mortgage or rent payments, and 35% are worried about their job security.

Finally, 19% said they are in a precarious financial situation and feel the need to move due to affordability issues.

Increased financial stress

According to the survey, young adults in Canada appear to be feeling financial hardship more than their older counterparts.

In fact, 52% of respondents ages 18 to 34 are afraid of their personal debt, compared to 39% of other respondents.

These young adults are also more likely to try “odd jobs” (69% vs. 47%) or consider taking a second and even third job (48% vs. 30%) to increase their income and meet their expenses. Your financial obligations.

Financial data protection

Among young adults ages 18 to 34, 32% believe they are unlikely to become a victim of identity theft, compared to 19% of all respondents.

Additionally, young adults surveyed said they were less likely to install up-to-date antivirus software on their computers (61% versus 72% of the general population).

Finally, young adults check their credit records more regularly (68% compared to 62% for all respondents). However, 32% never check their credit report, even though “checking your credit report is one of the best ways to quickly detect identity theft,” argues Equifax.

The Equifax survey was conducted September 15-18, 2023 among 1,564 Canadians using the Léger online panel.

Juliet Ingram

Total web buff. Student. Tv enthusiast. Evil thinker. Travelaholic. Proud bacon guru.

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