46% of Canadians Say Building Credit Is Harder Than Ever, New Neo Financial Survey Finds

Canadians point to unclear credit rules and question whether outdated systems are designed for modern life.

CALGARY, AB, Jan. 12, 2026 /CNW/ - Nearly half of Canadians say building credit feels harder than ever, despite doing what they believe are the right things financially. According to a new national survey from Neo Financial, Canada's fastest growing fintech for three years running, 46% of Canadians say it is more difficult to build credit today than it was for their parents' generation, pointing to growing frustration with a system many find difficult to navigate.

Meanwhile, 36% of respondents believe the rules for accessing credit are deliberately unclear. The survey, conducted by Fuse Insights, also revealed that only 51% of respondents believe the credit system works fairly for them.

"When only half of the country feels the system is fair, it's not a consumer problem. It's a structural one," said Andrew Chau, CEO of Neo Financial. "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."

The survey also identified other key barriers to financial progress:

• The Generational Pinch: 46% say it is harder to build credit today than it was for their parents.
• The Data Deficit: A staggering 69% of Canadians believe the credit system should recognize 'real-life' bill payments as proof of financial reliability.
• The Guidance Gap: Only a fifth (21%) say they know exactly which actions will meaningfully improve their credit standing.

How a Modern Approach to Credit Replaces Stress with Progress

Neo Financial is proving that real-time control and visibility are the solutions to these systemic barriers. In 2025, Neo Financial cardholders (many of whom were previously underserved by legacy banks) collectively grew their credit scores by 6.3 million points. By providing instant feedback and a guaranteed path to accessing credit, Neo Financial users saw score increases of up to 64 points in as little as 90 days, and unlocked $240 million in new credit limits across its customer base.

"We saw some incredible wins from our customers in 2025. When we talked to them about what made the biggest difference, they kept pointing back to the same thing: the visibility and control they finally have over their money," added Chau. "Whether it's in-app credit score monitoring, credit utilization tracking, or personalized tips, the success is as much psychological as it is financial. Seeing their money clearly and feeling in control replaces financial stress with progress. This is how a modern financial system should work: recognize effort and help Canadians move forward faster."

For more on how Neo Financial is helping Canadians get what they've earned, visit www.neofinancial.com.

About the 2025 Credit Confidence Survey

The Credit Confidence Survey was conducted by Fuse Insights, an independent research agency that focuses on understanding Canadians, their attitudes and experiences. These results are taken from a survey of 1,050 Anglophone Canadians aged 18+ conducted in October 2025. The survey was conducted in English only, with respondents drawn from a robust online research panel.

About Neo Financial

Neo Financial is a technology company building a financial experience to help Canadians get what they've earned. Founded in 2019, Neo Financial has raised more than $650 million in funding and has been recognized as Canada's top-growing company by The Globe and Mail and Deloitte. Neo is headquartered in Calgary, Winnipeg, and Toronto and is backed by top-tier investors across North America.

Neo Financial provides over one million customers with safe and secure ways to earn everyday financial wins, including a suite of credit cards to help build credit, Everyday Accounts offering more freedom than a chequing account, flexible high-interest savings (Neo Savings), investing (Neo Invest), and one of Canada's lowest mortgage rates (Neo Mortgage). Neo for Partners powers financial solutions for over 10,000 partners across the country. To learn more, visit neofinancial.com.

SOURCE Neo Financial

Media Contacts: Emily Boonstra, Account Manager, Heads + Tales, [email protected]