New Study Determines Canadian's Poor Credit is Impacting our Nation's Mental Health

KELOWNA, BC, Nov. 21, 2018 /CNW/ - Refresh Financial has commissioned Leger, the largest Canadian-owned polling, research and strategic marketing firm, to conduct a survey of Canadians from across the country in order to gain a national perspective on people's understanding of credit in Canada.

The complete study, being released November 28^th, reveals that anxiety, fear, depression and hopelessness is keeping more than a quarter of Canadians from investigating their credit score. The study found that while 96% of Canadians believe a good credit score is important, only 41% actually know their score. 

It was revealed 23% of Canadians are feeling more stressed about their credit score than a year ago and that 75% of people with a credit score below 700 believe their score is holding them back from the ability to make importantlife choices. The study found that negative emotions related to poor credit increase steadily as annual household income drops.

"We commissioned this study to get a better understanding of credit in Canada, how people view their credit score, and how it impacts their well-being", notes Refresh Financial Founder & CEO Michael Wendland. "The results remind us there is a lot of opportunity to educate and inform people about the importance of a healthy credit score and how people can get there."

The report reveals that 42% of Canadians have learned about credit the hard way – through mistakes. 60% of Millennials and those in Generation Z (18 years old to early 30s) only learn about credit after getting their first credit card, resulting in some poor choices that can have an impact for years to come. Knowing how credit works is the first step to improving your overall credit health.

Visit www.RefreshFinancial.ca/creditincanada to sign up for a copy of the free report.

Leger Survey Details www.leger360.com  The online survey of 1901 Canadians was completed earlier this year. The margin of error for this study was +/-2.2%, 19 times out of 20. 

Refresh Financial Inc. www.refreshfinancial.ca is a Canadian owned and operated fintech, based in British Columbia. Since inception, the company has helped more than 65,000 clients from coast-to-coast build and re-establish positive credit history. With over 800 referral partner locations and a complimentary online financial intelligence training program, Refresh F.I.T., Canadians can now access tools to help them achieve and sustain long term financial success. 

SOURCE Refresh Financial

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