More than half of Canadians have borrowed money to cover essentials like food, rent or utilities, a poll has found.
The survey — by insolvency trustee firm Harris and Partners — revealed 53% of people borrowed money to pay for basics.
“Debt stress is a silent burden carried by millions of Canadians,” said licensed insolvency trustee Joshua Harris. “For some, it’s about making ends meet; for others, it’s the pressure of juggling multiple payments while staying financially afloat. No matter the reason, the mental and emotional toll is real and significant.”
The poll also found:
— 68% of Canadians with non-mortgage related debt feel anxious paying off their debts.
— 77% of Canadians admit to having credit card debt in the last two years
— 50.5% feel stressed managing their debt and 39.8% report their debt is negatively affecting their personal relationships.
“We see it all the time: Debt can strain marriages, create tension between family members, and make people feel isolated or ashamed,” said Harris in a statement.
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When faced with an unexpected $500 expense, around 23% of those polled confided they wouldn’t be able to handle it and only 27.4% said they would be able to cover it using savings. Others indicated they would have to take actions like selling possessions.
“The stigma around debt prevents many from seeking help, which only worsens the emotional toll,” said Harris.
Personal loans (35.4%) and payday loans (22.7%) are also contributing to financial strain.
Conducted by Harris & Partners last month, the poll surveyed 1,937 Canadian adults on via an online panel.