New research from HSBC UK has revealed widespread confusion and inaction over credit scores, with millennials emerging as the most anxious generation when it comes to managing their credit health.
The survey of 2,000 adults found that 60% of people aged 29 to 44 worry about their credit score, compared with far lower levels of concern among older age groups. Among those aged 55 and over, nearly two-thirds (63%) admitted they had taken no action to manage their score over the past year.
More broadly, the study exposes a national blind spot in financial awareness, with more than a third (36%) of UK adults saying they do not know their own credit score.
Despite growing discussion about financial literacy, over two-fifths (43%) of respondents have taken no steps to maintain or improve their credit rating in the past 12 months.
While missing a credit card payment was the most recognised factor likely to harm a credit score – identified by 56% of those surveyed – only one-third (33%) said they routinely make payments on time as a way of improving their score.
Carl Watchorn, head of customer propositions at HSBC UK, said: “This research highlights a crucial disconnect between financial concern and practical understanding, especially among younger generations.
“This isn’t just about a number on a screen; it’s about the real-world impact on your wallet. A good credit score is the key that unlocks better rates on loans, credit cards, and mortgages, which can save you thousands over a lifetime.
“The widespread confusion and inaction means many are missing out on these significant savings without even realising it.”
He added: “Building a healthy credit score doesn’t have to be complicated. Simple, consistent habits can make a huge difference. At HSBC UK, we are committed to demystifying finance and providing our customers with the tools and knowledge they need to feel confident about their financial future.”
