Eighty-four per cent of Canadians understand what affects their credit, yet many say improving it feels challenging

New Money Mart survey reveals a disconnect between where Canadians seek financial guidance and the most effective sources available to them.

TORONTO, July 14, 2026 /PRNewswire/ -- Money Mart®, a leading provider of alternative financial services, today released new national survey data showing that while 84 per cent of Canadians say they understand what impacts their credit score, nearly half (47%) report facing barriers to improving it. Fewer than half (45%) say they are actively taking steps to build or improve their credit, and nearly three in ten (29%) say doing so feels difficult.

The findings highlight how financial barriers, fragmented advice and a credit system perceived by many as favouring those who are already financially stable are shaping how Canadians engage with their credit.

Key Findings

• 84% of Canadians say they understand what impacts their credit score, but 47% report facing at least one barrier to improving it. Canadians report a range of challenges in improving their credit, with 22% saying they know what to do but have not followed through, 18% unsure where to start, and 11% having tried in the past but stopped.
• Among those who have sought guidance, 37% turned to friends or family, while 34% consulted a financial advisor or credit counsellor and 34% turned to an online search or website.
• 62% of Canadians feel the credit system is designed for people who are already financially stable, rising to 71% among Gen Z and 70% among Millennials.
• 47% of Canadians report at least one barrier to improving their credit score, rising to 66% among households earning under $50,000 and 68% among Gen Z.

Canadians understand credit, but gaps remain between awareness and action

Despite widespread understanding of how credit works, the survey suggests that many Canadians are not taking steps to act on that knowledge. The survey found that 22 per cent say they know what to do but have not followed through, 18 per cent want to improve but do not know where to start, and 11 per cent have tried in the past and given up. Together, these findings suggest the challenge is less about awareness, and more about access, confidence and clear next steps. For many Canadians, particularly younger adults and lower-income households, building credit can feel difficult when they are unsure where to start or believe they lack access to products that can help them establish a positive repayment history.

Canadians are currently turning to a range of sources for financial guidance, from personal networks to professional and online resources, suggesting many are piecing together advice on their own. At the same time, there is a clear appetite for more support: nearly three quarters of Canadians (72%) say they are open to seeking help in the future, with financial advisors and credit counsellors (44%) and banks and credit unions (43%) cited as preferred sources.

A system that feels stacked against the people who need it most

More than six-in-ten Canadians (62%) feel the credit system is designed for people who are already financially stable. That number rises to 71% among Gen Z and 70% among Millennials. This perception points to a broader challenge facing many consumers: access to credit-building opportunities.

While traditional lenders often rely heavily on established credit histories, many Canadians are looking for ways to demonstrate responsible repayment behaviour and improve their financial standing over time. Creating more accessible credit-building pathways may help address some of the barriers identified in this survey. Money Mart has seen evidence of this progression among its own customers over the last six months alone, with thousands transitioning from payday loans to installment loans that support credit building through responsible repayment and reporting to credit bureaus.

The need for these pathways is reflected in the survey findings. Nearly half of Canadians (47%) report at least one barrier to improving their credit score, with the most common being simply not prioritizing it (39%) and feeling unable to take on more credit or debt (34%). Among households earning under $50,000, the share reporting a barrier reaches 66%, rising to 68% among Gen Z.

The survey also found that credit worries are impacting major life decisions for Canadians. Many are delaying or deciding not to pursue milestones because they are worried their credit will not qualify, and the generational divide is particularly pronounced:

• 22% have delayed buying a home (36% of Gen Z, 28% of Millennials, 23% of Gen X, 9% of Boomers)
• 18% have delayed financing a vehicle (31% of Gen Z, 20% of Millennials, 21% of Gen X, 11% of Boomers)
• 14% have delayed starting a business (22% of Gen Z, 19% of Millennials, 16% of Gen X, 4% of Boomers)
• 14% have put off paying for everyday expenses (26% of Gen Z, 18% of Millennials, 18% of Gen X, 4% of Boomers)
• 12% have delayed renting an apartment (26% of Gen Z, 14% of Millennials, 13% of Gen X, 4% of Boomers)

These pressures sit on top of an already strained financial picture. Only 12 per cent of Canadians describe their situation as thriving, 28 per cent say they are managing, and 17 per cent say they are struggling or in survival mode.

Money Mart's customer data provides additional insight into what can happen when credit-building opportunities are available to those experiencing financial challenges. In an analysis of Alberta and Manitoba customers over an 18-month period, 91 per cent of those who began with credit scores below 560 and made on time payments improved their score, with an average increase of 68 points.

"Many Canadians understand what affects their credit, but turning that knowledge into progress can be challenging," said Peter Kalen, CEO of Money Mart. "Our findings suggest the issue isn't simply awareness, it's having access to practical options that help people build a positive credit history over time. That's why we help customers explore solutions that fit their circumstances through tools like our prequalification process, which allows them to see available options and identify the product that best meets their needs." 

What Money Mart is doing for customers

Beyond providing access to credit, Money Mart is focused on helping customers build financial momentum over time. Through its lending products, prequalification process and credit-building pathways, the company works to connect eligible customers with borrowing solutions that best fit their needs and financial circumstances.

Across more than 360 Canadian branches, in-branch teams continue to provide one-on-one support, including multilingual service in many communities. Through its prequalification process, Money Mart assesses customers across all available products for which they may qualify and helps identify the lowest-rate option available to them, allowing customers to explore their options without impacting their credit score. Money Mart also offers access to products that report to credit bureaus, helping eligible customers build their credit profile through responsible repayment over time.

Money Mart is investing in both its physical and digital channels to better support Canadians as they navigate their financial options. Last year, the company relaunched its mobile app, expanding access to same-day funding options, real-time approvals, and 24/7 account management.

Whether in-app, online, or in-branch, the focus is on providing clear, accessible information and a non-judgmental experience, helping Canadians make informed decisions during financially challenging periods.

Where to learn more

Visit moneymart.ca for tools, education and product details to support your credit journey.

Frequently Asked Questions
What is the Money Mart credit survey?
The Money Mart credit survey is a national study of Canadian adults that explores how Canadians understand, manage and seek help with their credit. The data highlights a gap between what Canadians know about credit and the steps they are taking to improve it.

How many Canadians are actively working to improve their credit score?
Fewer than half (45%) of Canadians say they are taking steps to build or improve their credit score, even, though 84 per cent say they understand what impacts it.

Where do Canadians go for credit advice?
Among Canadians who have sought help with their credit, 37 per cent turned to a friend or family member, 34 per cent turned to a financial advisor or credit counsellor, and 34 per cent turned to an online search or website. Looking ahead, 14 per cent are open to turning to an AI tool such as ChatGPT for future credit guidance.

Why do younger Canadians find it harder to improve their credit?
Younger Canadians are more likely to see the credit system as stacked against them. Seventy-one per cent of Gen Z and seventy per cent of Millennials feel the credit system favours people who are already financially stable. Gen Z is also more likely to report barriers to improving their credit (68%) and to say the process feels difficult (53%).

How is Money Mart helping Canadians take action on credit?
Money Mart serves customers through more than 360 branches in Canada and over 60 in the U.S., as well as a refreshed mobile app in Canada that offers same-day funding, real-time approvals and 24/7 account management.

Through its prequalification process, customers can see what they may be eligible for, including the lowest-rate product available to them, without impacting their credit score. This gives customers greater visibility into their options and allows them to choose the solution that best fits their needs.

Money Mart assesses customers across all available products for which they qualify to determine suitable options.

In an analysis of Money Mart customers with credit scores below 560 in Alberta and Manitoba, 91 per cent improved their credit score over an 18-month period, with an average increase of 68 points, highlighting the potential for customers to strengthen their financial profile over time through responsible repayment behaviour.

About the Survey
The survey was conducted between April 30th to May 4th, 2026, on behalf of Money Mart^®. For this study, a representative sample of 1,504 online Canadian adults who are members of the Angus Reid Forum were surveyed in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.53 percentage points, 19 times out of 20.

About Money Mart ^®
Founded in 1982, Money Mart^® is a leading provider of financial services, serving customers across North America. In 2006, it acquired The Check Cashing Store^® in Florida. Money Mart^® is committed to creating a financial fresh start for customers, connecting them to money when they need it most. Financial products offered include short and long-term personal loans, check cashing, money transfers, currency exchange and the Titanium+^® Prepaid Mastercard^® (available in Canada). Money Mart^® empowers individuals and families with accessible financial tools to meet their needs. With over 350 locations in Canada, over 60 locations in the United States and a dedication to serving the communities of its customers, Money Mart^® is here to help when it matters most. To learn more, visit www.moneymart.ca.

SOURCE National Money Mart Company