We’re getting closer to the end of our results from our second ever annual Personal Finance Sentiment Survey. Firstly, we’re delighted to share with you our 2020/2021 comparison of Canadians and their credit scores. At Marble, we want our customer’s experience to be unique to them. Indeed, that’s why it’s so important for us to understand what sort of relationship Canadians have with their credit score. In addition, our survey allows us to establish efficient and effective solutions, which in time helps alleviate financial worry, stress or judgement for our Community members. Undoubtedly, Credit scores are confusing. For many Canadians, it’s difficult to find the right educational materials to help them become more confident in their credit scores. Our survey helps us to understand what Marble members want from financial technology and educational tool. To learn more, check out our infographic on Credit Scores in Canada below.
Credit scores are an essential part of your personal finance. Especially because they are a deciding factor for loan approval, credit approval and more. When used correctly, credit is a great tool that can open up the doors of opportunity. A good credit score allows you to buy your first home, finance a car or even obtain your first credit card. Let us discover more about Credit Scores in Canada in 2021, and how habits have changed since our credit scores in Canada survey in 2020.
Results Highlights: Credit Scores in Canada – Personal Finance Sentiment Survey 2021
Knowing your credit score is the first step to improving it. It allows you to understand your starting point and provides you with the opportunity to work towards a certain goal. When surveyed, we asked our customers did they know their credit scores. In 2020, 68% of Canadians confirmed they know their credit score. In comparison, we see a decrease with 62% of Canadians know their credit score in 2021. When we asked customers in 2020 what their credit was, 51% of respondents confirmed they had a credit score between 300 and 579. In contrast, we saw an overall increase in consumer credit scores in 2021.
When customers are faced with a low credit score or high amounts of debt, it may result in a fear of checking their credit score. In 2020, 60% of respondents said they were afraid to check their credit scores. Subsequently, we saw this figure decrease. In 2021, 58% of respondents said they are not afraid to check their credit scores. Finally, when we asked Canadians are they embarrassed by their credit score. In 2021, we saw 70% of respondents agree they are embarrassed. In contrast, respondents in 2021 were less embarrassed by their credit score with a 50/50 response. Check out the full results below.
About the Personal Finance Sentiment Survey 2021
The Personal Finance Sentiment Survey measures Canadians’ attitudes toward their debt, credit score confidence, use of personal finance apps and websites, loans, insolvency and other personal finance-related topics. Conducted by Marble and updated yearly.
The latest data, representing the second Personal Finance Sentiment Survey, was compiled by Marble between July 31st 2021 to August 8th 2021. For this survey, a sample of 489 Canadians aged 18 years and over were surveyed. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error and measurement error.