A key takeaway of the study is that 90% of respondents reported moderate to extreme stress due to their debt load – with more than two thirds (67%) at the extreme end of the spectrum. Almost all said they were unaware of the mental health support services available to help them.
“The findings of this study are a call to action for all Canadians,” said partner and Licensed Insolvency Trustee Gillian Goldblatt. “We need to recognize the deep impact of debt on mental health and work together across sectors and disciplines to provide support.”
The way that debt-related stress presents itself varies person to person of course, but half of poll participants said it affected their sleep, 44% said it changed their eating habits, and 30% experienced social isolation.
Doing nothing is never the best option and seeking professional help clearly makes a difference to those Canadians who are suffering from the impact of overwhelming debt; 63% of respondents said they felt less stressed after filing for insolvency and 90% said that doing so was positive for their long-term mental health.
“This study really hits home, especially now with the rising cost of living and economic uncertainty,” said partner and Licensed Insolvency Trustee Rob Kilner. “We see people struggling every day, and it’s clear that we need a more holistic approach to debt. We’re ready to team up with mental health professionals to make sure Canadians get the support they deserve. We need to recognize that financial struggles and mental health are connected, and we need to address both to help people truly recover.”
