Canadians are re-evaluating their relationships with their financial institutions for additional credit support, according to new research from Equifax Canada.
Among the key findings from the survey are the following:
- 56% of mortgage holders say they will explore refinancing with a different lender when it comes time to renew;
- 41% of mortgage holders have considered switching lenders in the past year, and 38% said they have received refinancing offers from other financial institutions;
- 57% of Canadians under 35 would switch to a different financial institution if it helped them build and monitor their credit, compared to 38% of those 35 and over;
- 40% 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% say protecting their credit and identity is important;
- 79% emphasize that access to credit is critical to reaching their financial goals.
“Younger adults are looking for tools to monitor and strengthen their credit health,” said Julie Kuzmic, Senior Compliance Officer, Consumer Advocacy at Equifax Canada. “They are also more open to changing lenders if they believe that their needs aren’t met. Being proactive about protecting your credit and understanding how it affects your financial options is essential in today’s economy.”
Equifax Canada surveyed 1,512 Canadians aged 18 and older from Aug. 15-18.
