Canadians adapt to new financial realities as confidence grows and advisors tailor support
Nearly half of Canadians are unsure how their credit score is calculated, according to a recent Capital One Canada survey.
The study, conducted ahead of National Financial Literacy Month, also found that 40 percent of Canadians have not sought any form of financial advice in the past six months.
Despite these knowledge gaps, other research indicates that Canadians are feeling more confident about their personal finances.
The 2025 IG Wealth Management Financial Confidence Index rose to 52, the highest level since 2021, even as respondents rated their trust in the economy at just 39 and 60 percent expressed fears of a recession, as reported by Wealth Professional.
This apparent contradiction may reflect a shift in focus, with Canadians increasingly concentrating on aspects of their finances they can control after several years of economic turbulence.
Christine Van Cauwenberghe, head of Financial Planning at IG Wealth Management, attributes the trend to self-reliance, industry education, and some improving macroeconomic factors.
She notes, “I think that some people have very much adjusted their lifestyle to the new normal.”
She adds that others have renegotiated their revenue with employers, and that strong market performance means “people are actually making money on their investments.”
Van Cauwenberghe explains that, for some, “the increased cost of everything is not noticed as much. They're still able to buy their dream home and go on their dream vacation and do the things that they want to do.”
She also points to the role of financial literacy in building confidence, crediting industry outreach to less-served groups for improvements in survey results.
“Advisors need to meet clients where they're at,” she says.
Van Cauwenberghe believes it is important for advisors to get to know clients personally and assess their openness to advice, since “some clients don't want the advice. They think they can do it themselves.”
Despite the availability of new educational channels, the Capital One survey found that misconceptions about credit remain common.
Thirty-two percent of Canadians either believe that carrying a credit card balance does not affect their credit score, or are unsure of the impact.
Forty-one percent believe that using 80 percent of their credit card limit, even if paid off on time, increases their credit score, and 30 percent think income affects credit scores.
Older Canadians are more likely to trust financial institutions for advice, with 89 percent of those aged 55 and over expressing this view.
This group also demonstrated the strongest understanding of credit score calculation.
At the same time, 55 percent of respondents said that human financial advice is more important than ever, though only 46 percent currently work with a financial professional, according to Wealth Professional.
Van Cauwenberghe sees this as evidence of a need for clearer understanding of what constitutes financial advice, emphasizing that it should go beyond portfolio appreciation to answer the question, “am I going to be okay?”
The survey polled more than 1,600 Canadians in October 2025, applying incidence weighting by gender, age, region, education, and language, based on Statistics Canada data.
