Recently, GlobeNewswire reported on new national research commissioned by Fig, shedding light on how Canadians experience debt, financial stress, and conversations about money. The findings point to a growing recognition that financial struggles are not only economic challenges, but emotional ones as well.
According to the survey, 94% of Canadians believe that talking about money struggles should be more socially acceptable, signalling a strong appetite for more openness and less stigma around personal finances.
The study was conducted among more than 1,500 adults across Canada and reflects how rising debt is influencing confidence, relationships, and overall well-being.
Financial Pressure Is Increasingly Emotional
The research shows that financial strain is deeply tied to how Canadians feel about themselves and their futures. While debt levels are often discussed in numbers, the emotional impact behind those numbers is significant.
The survey found that 84 per cent of Canadians currently carry debt, and 14 per cent are unsure whether they will ever be able to fully pay it off. These figures suggest that financial stress is becoming a persistent presence in many households.
Unexpected expenses are a major source of concern.
45% of Canadians say a single unexpected expense could throw their finances off course.
57% of Millennials report that one surprise bill could financially cripple them.
47% say a $10,000 emergency would push them into debt, while 32% say even $5,000 would have the same effect.
Everyday Spending and Credit Use
The research also highlights how modern spending habits are contributing to financial pressure. Twenty-nine per cent of Canadians say they regularly rely on credit cards or loans to cover everyday expenses, while 60 per cent believe modern payment tools such as Apple Pay, Buy Now Pay Later programs, and one-click checkouts make it easier to fall into debt.
For some, managing credit has become increasingly difficult. Twenty-seven per cent of respondents say they struggle to control their use of credit cards or Buy Now Pay Later options, pointing to how convenience can sometimes lead to unintended financial consequences.
Anxiety, Guilt, and Decision Fatigue
Beyond finances themselves, the survey reveals the emotional weight many Canadians carry. Thirty-nine per cent say financial worries have kept them awake at night, and 34 per cent report feeling hopeless about their finances within the past year.
Decision fatigue is another recurring theme. Forty-two per cent of Canadians feel overwhelmed by the sheer number of financial decisions they must make on a daily basis. Among younger Canadians, this pressure is even more pronounced, with 59 per cent of those aged 18 to 34 and 49 per cent of those aged 35 to 54 reporting difficulty managing constant financial decisions.
These pressures contribute to a culture of guilt. Fifty-one per cent of Canadians say they feel guilty spending money on themselves, even for small indulgences, reinforcing the idea that money has become tied to moral judgment rather than practical planning.
Money, Identity, and Self-Worth
The research indicates that financial stress is influencing how Canadians see themselves. Nearly half of adults under 34 say they question their self-worth because of their financial situation.
Financial shame also remains widespread. Forty-one per cent of Canadians say they would rather admit to gaining weight than to struggling financially, highlighting how difficult open conversations about money can still be.
Social pressure plays a role as well. Fifty-five per cent of Canadians aged 18 to 34 say they have overspent to keep up with friends, compared to 33 per cent of Canadians overall. Additionally, 45 per cent of younger adults say they have hidden money problems to avoid judgment.
The Role of Money in Relationships
The findings show that finances influence personal relationships in meaningful ways. Half of Canadians who currently carry debt say they would hesitate to date someone else with financial baggage. Among women, that number rises to 59 per cent.
Debt is also viewed as a warning sign. Fifty-five per cent of Canadians with debt consider having debt to be a red flag, and 58 per cent view financial infidelity, such as hiding purchases or debt, as just as serious as cheating.
Together, these results suggest that money plays a central role in trust, attraction, and long-term compatibility.
A Clear Desire for More Open Conversations
Despite the challenges highlighted, the research points to a clear opportunity. While money remains one of the hardest topics to discuss openly, 94 per cent of Canadians believe conversations about money struggles should be more socially acceptable.
Commenting on the findings, Francois Coté, CEO of Fig Financial, emphasized the importance of openness, noting that money has become closely tied to identity and self-perception. According to Coté, improving financial well-being starts with reducing shame and increasing understanding.
Steps Toward Regaining Financial Control
The research outlines several approaches that can help Canadians feel more confident about their finances:
Talking openly about money to reduce stigma and anxiety
Planning for unexpected expenses to prevent setbacks from escalating
Exploring alternatives beyond traditional banks, as 31 per cent of Canadians say they trust banks less than they did five years ago
Regularly reviewing spending, savings, and debt to reduce overwhelm
About the Research
The survey was conducted by Fig among members of the Angus Reid Forum between October 16 and 20, 2025. The study included 1,533 Canadian adults and was conducted in both English and French. For comparison purposes, a probability sample of this size would carry a margin of error of plus or minus three percentage points, nineteen times out of twenty.
This content is based on reporting originally published by GlobeNewswire on November 13, 2025, and reflects findings from research commissioned by Fig.
