Finances are weighing on people’s minds, but many don't talk about it
Canadians, especially younger generations, are far more open to talking about their feelings and mental health than was previously the case, but finances are often still considered taboo.
A new survey hosted on the Angus Reid Forum and commissioned by Coast Capital reveals that more than a third of respondents feel shame about their financial situation while three quarters think about their finances more than they talk about it.
Half of those who took part in the poll say finances are impacting their mental health with anxiety and stress the most commonly cited symptoms. Two thirds indicate that financial wellbeing is closely tied to their happiness.
Relationships are also suffering with 56% of respondents saying financial shame is impacting how they engage with friends and peers.
And many people feel that others have it better than them including being able to afford things they cannot (73%) and making more money than them (68%) with 43% believing they are financially worse off than their friends.
“Many of us in Canada – across different income levels – are struggling to keep up with inflation, rising costs of living and record debt levels,” says Aimee Chow, director of retail and investments, Coast Capital. “This study illuminates that the shame we feel around our finances is also holding us back. The silence that shame imposes is preventing us from having important conversations and actively taking steps within our control that can unlock financial opportunities and improve our situation.”
Avoiding the situation
While 42% are masking the true state of their finances from others, almost two thirds of respondents are doing at least one thing to avoid dealing with their finances:
- 25% are postponing financial goals
- 24% are avoiding discussing finances with family and friends
- 23% are avoiding situations that involve a purchase decision
“To alleviate the burden of financial shame and break out of feelings of isolation, we need to feel connection and belonging. Naming this experience is a starting intervention to overcoming shame, and with this survey, we can see ourselves in the data and know that we are not alone.”
