Nearly half of consumers question fairness of system, signaling opportunity for advisor guidance
Almost half of Canadians believe it is harder to build credit today than it was for previous generations, highlighting growing frustration with Canada’s credit ecosystem.
The national survey, conducted by Fuse Insights for Neo Financial, found that 46% of Canadians feel establishing credit is more difficult now than it was for their parents. That perception persists even among individuals who believe they are practicing responsible financial habits, suggesting dissatisfaction not just with outcomes, but with the system itself.
Neo Financial CEO Andrew Chau argues this sentiment reflects deeper structural problems. “When only half of the country feels the system is fair, it's not a consumer problem. It's a structural one,” he said.
Perceived lack of transparency is also contributing to distrust. More than one third of respondents say they believe the criteria used to grant credit are deliberately unclear, and just over half feel the credit system works fairly for them. This uncertainty leaves many Canadians unsure of how their financial behavior translates into measurable credit progress.
Chau describes this disconnect as a modernization gap between consumer habits and traditional credit models. “We’ve identified this as the 'Legacy Lag' where consumer behaviour has modernized, but credit systems and traditional banks are stuck in the past and fail to reward real-time financial behaviour with real-time progress,” he said.
Survey results indicate Canadians want a broader view of creditworthiness. A strong majority believe everyday bill payments should count toward building credit, while only a small minority say they know exactly what steps would meaningfully improve their credit score. That lack of clarity suggests many consumers are navigating credit-building without a clear roadmap.
The data spotlights a growing opportunity to provide education and strategy around credit improvement as part of broader financial planning. As affordability pressures and borrowing needs continue to rise, helping clients understand how to effectively build and maintain credit could become an increasingly valuable advisory service.
