Younger adults, newcomers, and mortgage holders are ready to switch lenders
The importance to Canadian consumers of feeling supported and offered choices by the financial institutions is highlighted in a new survey, published today.
A growing number of Canadians are reconsidering their banking relationships, with younger adults and mortgage holders leading the charge, according to fresh survey data released by Equifax Canada.
The research highlights a willingness among many consumers to move away from their current financial providers if it means better credit support, refinancing opportunities, or stronger identity protection.
This is particularly clear among mortgage holders with 56% of respondents indicating that they would be open to refinancing with a different lender when their mortgage comes up for renewal. This rises to 62% among younger borrowers.
Almost two-in-five respondents also reported receiving refinancing offers from competing institutions, suggesting competition in the market is already heating up.
The research comes as banks are also under pressure to better support small business customers with the Competition Bureau asking if banks have too much power in SME lending.
Among Canadians under 35, almost six in ten said they would switch to another bank or lender if it provided better tools to build and monitor their credit, compared to around four in ten of those aged 35 and over.
At the same time, 40% of survey participants overall felt their current provider could be doing more to anticipate and support their changing financial requirements, such as adjusting credit limits or introducing tailored products.
Read: Big banks cash in as investors pay millions just to switch accounts
“Younger adults are looking for tools to monitor and strengthen their credit health,” says Julie Kuzmic, senior compliance officer, Consumer Advocacy at Equifax Canada. “They are also more open to changing lenders if they believe that their needs aren’t met. Being proactive about protecting your credit and understanding how it affects your financial options is essential in today’s economy.”
The survey also shows how vital credit access and protection are across demographics with 95% saying that safeguarding their credit and identity matters, while 79% stressed that access to credit is essential to reaching their financial goals.
However, gaps remain with fewer than half (47%) feeling that their current bank or lender is actively helping them achieve those goals, while just over half (54 per cent) trust their provider to support long-term credit improvement.
Newcomers to Canada stand out as another group more willing to consider alternatives. Over halfof this cohort said they had thought about changing financial providers in the past year, and 53% had received new mortgage or refinancing offers. For them, credit access appears particularly critical, with 84% citing it as key to their objectives, compared to 78% of Canadian-born respondents.
The findings are based on a survey of 1,512 Canadian adults conducted between August 15 and 18, 2025, by Leger on behalf of Equifax.
