Jul 22, 2026
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Add us on GoogleThe difference between knowing and doing, especially when it comes to money management, can be the Achilles’ heel for many who consider themselves financially literate.
A new survey commissioned by Money Mart found that 84% of Canadians say they understand what influences their credit score, yet nearly half (47%) report facing barriers to improving it. Fewer than half (45%) say they're actively taking steps to build or improve their credit, while almost three in ten (29%) say doing so feels difficult.
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"Many Canadians understand what affects their credit, but turning that knowledge into progress can be challenging," said Peter Kalen, CEO of Money Mart, in a statement. "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."
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Why improving your credit can feel harder than understanding it
The survey suggests the biggest obstacle isn't a lack of information — it's turning good intentions into consistent habits.
Among those who said they faced challenges improving their credit, 22% said they knew what to do but hadn't followed through, while 18% said they weren't sure where to begin. Another 11% said they had tried to improve their credit in the past but eventually stopped.
Elsewhere in the survey, nearly two-thirds of respondents (62%) also said they feel the credit system is designed for people who are already financially stable. That view was even more common among younger Canadians, with 71% of Gen Z and 70% of Millennials saying the system feels stacked against those trying to build a credit history.
As a result, those perceptions appear to be influencing real-life decisions. More than one in five respondents (22%), for example, said concerns about their credit had delayed buying a home, while others reported putting off financing a vehicle, renting an apartment or even starting a business. Younger Canadians were consistently more likely to say their credit had affected these milestones, according to the survey.
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Small habits make a big impact
Improving a credit score usually takes time, but there are several steps that can help.
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Making payments on time remains one of the most important factors in building a strong credit history. Keeping credit card balances relatively low, avoiding missed payments and limiting applications for new credit over a short period can also have a positive impact.
It's also worth checking your credit report regularly to make sure the information is accurate. Canadians can request their credit reports from the country's major credit bureaus, TransUnion and Equifax, and many banks now provide customers with free credit score monitoring through their online platforms.
The Money Mart survey found that nearly three-quarters of Canadians (72%) would be open to seeking help with their credit in the future, with financial advisors, credit counsellors, banks and credit unions ranking among the preferred sources of guidance.
For many Canadians, building better credit isn't about finding a quick fix. More often, it's the result of small financial habits repeated consistently over time — something that can make future borrowing, housing and other financial goals easier to reach.
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Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
Managing Money • Jul 21
