A crisis is unfolding behind closed doors across Canada. It is marked by financial secrecy, emotional strain, and a lack of accessible support. Increasing personal debt.
“Debt is more than a policy issue. It’s a deeply personal one,” said Joshua Harris, a Licensed Insolvency Trustee at Harris & Partners. “And many Canadians are bearing that burden alone.”
A new survey conducted by Harris & Partners highlights just how widespread this issue has become.
Among 1,332 Canadian adults surveyed in February, 56.6% admitted to hiding their financial struggles from a partner, friend, or family member.
“There is still an enormous stigma around money problems,” said Harris. “People fear judgment, conflict, or simply being seen as a failure, so they say nothing, even as their situation worsens.”
The survey also found that:
- 52.6% of Canadians have less than $200 left each month after covering bills and debt payments;
- 45.1% have taken on additional work, such as side jobs or overtime, just to meet regular expenses.
Harris said the emotional impact of financial secrecy can be profound, contributing to anxiety, depression, and isolation.
“We tend to focus on dollars and cents, but the psychological weight of debt is just as damaging,” he said. “It erodes relationships, undermines self-worth, and prevents people from taking the steps they need to move forward.”
He believes these findings point to a broader issue. Conversations about debt, whether at the kitchen table or the policy level, remain taboo.
“Until we break that silence, many Canadians will continue to suffer needlessly,” said Harris.
“Financial instability isn’t just a problem for developing nations. Millions of Canadians are living paycheque to paycheque, taking on hidden debt to stay afloat. That’s a national issue, and one that deserves just as much urgency.”
“There’s no shame in struggling. What matters is taking action, even if it’s one small step at a time.”
Licensed Insolvency Trustees, he notes, are not just for those at the brink of bankruptcy. They can also offer guidance on budgeting, debt management, and long-term recovery plans.
“The earlier someone reaches out, the more options they have,” said Harris. “And the more hopeful the outcome tends to be.”
Harris & Partners Inc. is a bankruptcy trustee firm with roots in Southern Ontario dating back to 1964.
Harris & Partners Inc. has offices in 9 of the 10 provinces.
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