Nearly half of Canadians say building credit feels harder than ever — even if it feels like they're doing everything right

Building good credit has long been framed as a matter of responsibility — pay your bills, keep balances low and avoid missed payments. But for a growing share of Canadians, following that playbook no longer feels like it’s getting them ahead.

A new national survey from Neo Financial suggests frustration with Canada’s credit system is rising. Forty-six percent of Canadians say it’s harder to build credit today than it was for their parents’ generation, even when they believe they’re managing their finances responsibly.

The results point to a growing disconnect between how Canadians manage their money in everyday life — and how creditworthiness is still being judged.

“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, in a statement. "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."

Why credit feels harder to build

At the heart of the frustration is a lack of transparency. The survey found that just 21% of Canadians say they know exactly which actions meaningfully improve their credit score, leaving most people unsure whether their financial habits are actually improving their credit meaningfully.

Credit scores affect everything from loan approvals and interest rates, to rental applications and, in some cases, even employment screening. Yet many common financial behaviours aren’t consistently reflected in credit files.

Nearly seven in 10 Canadians (69%) said the credit system should recognize everyday bill payments — such as rent, utilities and phone bills — as proof of financial reliability. For younger Canadians, newcomers and those without long credit histories, the exclusion of these payments can make progress feel slow or out of reach.

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A generational disconnect?

The sense that credit-building has become more difficult isn’t limited to one age group, however. The survey found broad agreement that the system hasn’t kept pace with how people actually manage money today.

Automatic payments, subscription services and digital banking now dominate household finances, yet traditional credit models still rely heavily on a narrow set of indicators. For Canadians trying to establish credit without taking on unnecessary debt, that can create a frustrating scenario where you need credit in order to build credit.

Transparency and education key for consumers

The survey commissioned by Neo highlights concerns that echo what many consumers experience firsthand. Building credit often requires patience, consistency and a clear understanding of how scores are calculated — something many Canadians say they don’t have.

For consumers, that makes education and visibility critical. Understanding how credit utilization, payment history and account age affect scores can help avoid missteps. Regularly monitoring credit reports can also help Canadians catch errors or unexpected changes early.

At a broader level, the findings add to ongoing conversations about whether Canada’s credit system accurately reflects modern financial behaviour — or unintentionally leaves certain groups behind.

For now, many Canadians say the process feels opaque and outdated. And for those trying to build or rebuild credit in today’s economy, that lack of clarity can be just as frustrating as the financial hurdles themselves.