Poll shows feeling that financial struggles should not be taboo topics as mental health is prioritized
Admitting financial struggles can be difficult for many Canadians, but a new poll suggests a shift away from the taboo of talking about money as the link with mental health is clear.
The national survey of more than 1500 adults by online lender Fig Financial highlights a growing crisis of financial confidence among respondents, but with 94% saying that discussing financial struggles should be more socially acceptable.
Most (84%) respondents said they currently carry debt, while one in seven doubt they’ll ever be free of it. Nearly half (45%) say a single unexpected expense could disrupt their finances and 57% of Millennials admit a surprise bill could push them over the edge.
“Money has become more than a financial tool, it’s become a reflection of how people see themselves,” said Francois Coté, CEO of Fig Financial. “We want to change that. True financial well-being isn’t just about having more, it’s about feeling secure, informed, and unashamed of where you are.”
The survey found that 39% of respondents lose sleep over money worries, while 34% have felt hopeless about their finances in the past year. The burden is particularly heavy for younger Canadians with 59% of those aged 18-34 saying they struggle to manage daily financial decisions, often exacerbated by the frictionless nature of digital spending tools like Apple Pay and Buy Now, Pay Later programs.
Nearly half of younger adults said their financial situation affects how they view their self-worth, and 41% would rather admit to gaining weight than to financial struggles and this reluctance to talk about money reinforces shame and prevents meaningful financial progress.
Half of respondents with debt say they would hesitate to date someone in the same position and 59% of women consider a partner’s debt a potential dealbreaker. Within relationships, 58% believe financial infidelity such as hiding debt or secret purchases is as serious as cheating.
As economic uncertainty persists, the research suggests Canadians are no longer content to treat money as a private burden; they want to talk about it, understand it, and, ultimately, take back control.
