One in five Canadian students lack a credit score – and advisors can help
A knowledge gap with real consequences
The research goes beyond attitudes and captures tangible financial setbacks.
Forty-two per cent of students surveyed said they had already experienced a real-world consequence from having limited or no credit history – 11 per cent had been denied a credit card, eight per cent had difficulty obtaining a loan, and six per cent had encountered obstacles renting an apartment.
Nearly half of respondents (48%) said they are actively trying to build or improve their credit, yet 28 per cent remain uncertain whether their efforts are working. Sixteen per cent said they want to build credit but do not know where to begin.
“What stands out is that students care about their credit, but many are still navigating it without a clear sense of where they stand or what will help them make progress,” said Lucianna Adragna, Vice President, Client Segments, Everyday Banking, RBC. “There is a learning curve for young Canadians beginning to make more financial decisions on their own.”
Credit myths persist among younger Canadians
The survey also identified several widely held misconceptions. While 74 per cent of students correctly understand that paying credit card bills on time supports a stronger credit score, and 69 per cent recognise the value of responsible use over time, a smaller but notable share hold inaccurate beliefs: five per cent believe carrying a credit card balance month to month can improve their score, and six per cent think closing their oldest credit card would help.
