Canadians feel growing money shame, argue that talking about finances should be more acceptable

Financial strain is becoming one of the most significant emotional pressures facing Canadians today — and most people feel they can’t talk about it.

A new national survey commissioned by Fig, a Canadian online loan provider, finds 94% of Canadians believe talking openly about money struggles should be more acceptable, underscoring how financial stress has become a deeply personal issue rather than just an economic one.

The survey of 1,533 adults shows that 84% of Canadians currently carry debt, and one in seven are unsure they will ever be able to pay it off. Among Millennials, 57% say one surprise bill could financially cripple them — a stark signal of how fragile household budgets have become.

“Money has become more than a financial tool — it’s become a reflection of how people see themselves,” Francois Coté, CEO of Fig Financial, said in the release. “True financial well-being isn’t just about having more, it’s about feeling secure, informed and unashamed of where you are.”

Young Canadians feeling the emotional toll of money

The survey reveals a growing emotional burden tied to everyday money decisions.

Thirty-nine percent of Canadians say financial stress has kept them awake at night, while 34% say they have felt hopeless about their finances in the past year. Nearly half report feeling overwhelmed by the number of financial choices they face on a daily basis.

For younger Canadians, the strain is even more visible. Nearly six in 10 adults aged 18 to 34 say they struggle to manage the constant flow of expenses, notifications and decisions that now define digital money management.

Many also feel pressure to keep up appearances, with more than half of young adults admitting they have overspent to match their friends’ lifestyles, and almost half say they have hidden money problems to avoid judgment. The sense of inadequacy is widespread: 47% of adults under 34 say their financial situation has caused them to question their self-worth.

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Money is increasingly shaping dating and relationships

Financial stress is also influencing romantic relationships. Half of Canadians who currently carry debt say they would hesitate to date someone who also has significant financial obligations. Women feel this most strongly, with nearly six in 10 saying they would think twice before beginning a relationship with someone in debt.

Once in a relationship, finances become a major factor in trust. Fifty-eight percent of Canadians view financial infidelity — hiding purchases, credit card balances or personal loans — just as seriously as cheating. These findings suggest that money is no longer a secondary concern for couples, but a defining factor in compatibility, transparency and long-term decision-making.

Canadians want a path back to stability

Despite the anxiety, the desire for honesty is strong among survey respondents. An overwhelming majority say money conversations should be normalized, especially as more Canadians rely on credit cards or personal loans to manage rising costs.

Fig notes that many of the problems uncovered in the survey can be addressed by opening up, building a modest emergency buffer where possible, and revisiting financial decisions regularly rather than only in moments of crisis.

The survey also highlights declining trust in traditional financial institutions, with 31% of Canadians saying they trust banks less than they did five years ago. This has opened the door for fintech providers that offer simpler, more transparent borrowing and budgeting tools.

As Coté puts it, the first step toward financial confidence is removing the shame that keeps people silent. “Open, honest conversations are the foundation for financial confidence."