More than half of Canadians keep debts secret from loved ones

Canadians feel ashamed of their financial struggles, despite the prevalence of debt, and most admit they have kept the state of their finances from partners, family, and friends.

A new survey from Harris & Partners reveals that 57% of respondents have hidden their financial situation from their loved ones, meaning they are carrying the burden and stress alone.

“Many Canadians feel immense pressure to maintain a certain image of financial stability, even when they are struggling,” says Joshua Harris, a Licensed Insolvency Trustee at Harris & Partners. “This reluctance to discuss money problems can lead to increased stress, strained relationships, and delayed financial recovery.”

The research highlights the challenges that many Canadians have, with 53% of respondents reporting having less than $200 left after paying their monthly bills and debt payments, leaving them little scope to build up emergency savings to mitigate a financial shock.

A significant 45% said they have taken on extra work to keep up with everyday expenses.

Total consumer debt in Canada reached $2.56tn by the end of 2024, a year-over-year increase of almost 5%, driven largely by non-bank auto loans, which rose almost 12% from 2023.

The survey reveals the pressure that Canadians often feel to maintain the illusion of financial stability even when they are struggling. But it also warns that many people may choose to avoid acting to improve their financial situation, largely due to a lack of a clear plan to recovery.

“Addressing financial issues starts with open conversations and practical steps towards recovery,” says Harris. “By speaking up, individuals can access the support and resources they need to regain control over their finances.”