Quebec young adults’ use of and knowledge of credit


Marie J. Lachance, 4310C Pavillon Paul-Comtois, FSAA, EAC, Université Laval, Québec City, Québec, G1K 7P4, Canada. E-mail:


This research aimed to study young adults’ use of and knowledge of credit. A large representative sample of Quebec young adults aged 18–29 years participated in a telephone survey. Results reveal that their use of credit has increased remarkably over the last decade. The mean score on the credit knowledge scale used in this study is 49.4% for the entire group. Ordinary least squares (OLS) regression analysis show that credit knowledge is positively related to personal income, number of debts, amount of total debt, number of credit cards and favourable attitude towards credit and debts. Young adults reporting either personal experience or family and relatives as their main source of learning about personal finances were found to have a lower level of knowledge about credit in general than those reporting having learned of this subject from courses, the media or financial counsellors. The learning of basic knowledge about credit and personal finances, with stress on the sensible use of credit, should be part of the educational agenda for young consumers.