TORONTO, Aug. 06, 2026 (GLOBE NEWSWIRE) -- A recent Equifax Canada survey* of over 1,500 Canadians revealed that nearly one in four Canadians say they expect to make only minimum monthly credit card payments, which may indicate increased pressure on household finances.

The survey found that 25 per cent of respondents expect they will only be able to afford minimum monthly payments on their credit cards, while another seven per cent believe they are likely to fall behind. Fifty-six per cent expect to pay their balances in full each month.

The findings come as 40 per cent report spending more overall than they were a year ago; more than twice the 18 per cent who are spending less.

“The results point to mounting financial pressure for many households,” said Rebecca Oakes, Vice-President of Advanced Analytics at Equifax Canada. “The survey indicates that a significant percentage of Canadians surveyed (29 per cent) are using credit and savings to manage everyday expenses, while 35 per cent are cutting back on contributions to save for their future and expecting to make only minimum credit card payments. When these pressures begin to overlap, households can lose financial flexibility quickly.”

As an essential partner in Canada's financial ecosystem, Equifax delivers data-driven insights into these emerging trends, enabling lenders to engage with borrowers more confidently to help them navigate changing economic conditions.

Everyday costs are eroding savings and future planning
The survey suggests financial impact may be moving beyond discretionary cutbacks and increasingly affecting the ability to cover essential expenses, preserve savings and plan for the future. Of those surveyed:

• 29 per cent are using more credit than a year ago to pay for groceries, utilities and other essential living expenses.
• 23 per cent are drawing on savings to cover day-to-day costs.
• 20 per cent say they are relying more on credit cards and lines of credit.
• 35 per cent have reduced contributions to savings, investments or education funds.
• 32 per cent have reduced spending on essential living expenses, including groceries and utilities.
• 44 per cent worry they are not saving enough for retirement.
• 41 per cent are concerned about unforeseen emergency expenses.
  
  

Pulling back on spending and savings
Spending is also being pulled back in discretionary areas. Of those surveyed, 67 per cent have reduced entertainment and leisure expenses, while 40 per cent have cut spending on personal care.

The survey data indicates that everchanging economic conditions are contributing to more cautious borrowing behaviour, with 60 per cent of those surveyed actively avoiding taking on new debt. At the same time, 13 per cent say they are borrowing more to cover their basic living expenses, while only eight per cent are opening new credit cards or taking on new loans.

Financial confidence has also weakened with 29 per cent feeling less confident in their ability to manage financial demands than they did a year ago, while 23 per cent say they feel more confident. Nearly half, 47 per cent, report feeling about the same.

“Financial pressure often builds gradually, and making only the minimum payment can sometimes feel like a way to manage through a difficult month,” said Julie Kuzmic, Head of Consumer Advocacy and Compliance at Equifax Canada. “However, balances can take much longer to repay and cost considerably more in interest. Anyone seeing their balances continually rise with little hope at repayment should review payment obligations, prioritize due dates and explore options with their lenders or a reputable credit counsellor before their financial situation limits their options.”

Families and Canadians under 55 facing greater pressure
Households with children are facing greater pressure with 51 per cent of those surveyed indicating that they are spending more than they did a year ago, while in comparison, 35 per cent of those without children say they are spending more than they did a year ago.

Those with children are also:

• More likely to be using more credit than last year to pay for essential living expenses, at 42 per cent compared with 24 per cent of those without children.
• More likely to expect they will only be able to make minimum monthly credit card payments (33 per cent).
• More likely to be concerned about supporting family members, including children’s education or aging parents, at 45 per cent compared with 18 per cent for those without children.
  
  

Of those surveyed, respondents under age 55 are also showing greater signs of pressure than older respondents. Thirty-six per cent of those surveyed under 55 say they are using more credit for essential expenses than they were a year ago, which is double the 18 per cent recorded among Canadians aged 55 and older.

Among those surveyed under 55 years old:

• 42 per cent are spending more overall than a year ago, compared with 36 per cent of those aged 55 and older.
• 31 per cent expect they may only be able to make minimum monthly credit card payments, compared with 16 per cent of those aged 55 and older.
• 22 per cent are struggling to pay down debt because of high housing or mortgage costs, compared with 11 per cent of older respondents.
  
  

Only 47 per cent of Canadians under 55 expect to pay their credit card balance in full each month, compared with 69 per cent of those aged 55 and older.

Equifax Canada offers data and unparallelled insights that empower Canada’s financial ecosystem to move Canadians and the Canadian economy forward. To learn more about credit scores and resources to help Canadians improve their financial resilience, we encourage consumers to visit the Equifax Canada Education Hub.

* Equifax surveyed 1,532 Canadians ages 18-65, July 17-19, 2026 using Leger’s online panel. A probability sample of the same size would yield a margin of error of +/- 2.5 per cent, 19 times out of 20.

About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.

-30-

Contact:
Andrew Findlater
SELECT Public Relations
afindlater@selectpr.ca
(647) 444-1197

Angie Andich
Equifax Canada Media Relations
MediaRelationsCanada@equifax.com