By Jasmin Brown

BDO Debt Solutions

Debt Stigma Survey

Nov 9, 2023 | 11:25 AM

Talking about financial difficulty, particularly when it comes to debt, is not easy.

We recently did a Debt Stigma Survey at BDO, and the results confirmed this.

The number of Saskatchewan residents that struggle to talk about debt with their friends and family was higher than the national average.

The majority of respondents found it more difficult to talk about debt than they did relationships or medical concerns. Not talking about debt can make the struggle of dealing with debt even more difficult.

Reasons Cited for Having Difficulty Talking about Debt

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While there are some commonalities in terms of why people struggle to talk about their debt, there were also some interesting differences, depending on the age of the respondent. The main concerns cited by respondents were as follows:

· Respondents aged 35+ years – fear being judged, feel ashamed and embarrassed;

· Respondents aged 35-54 years – fear people will think they are asking for money if they bring up the topic of debt;

· Respondents aged 55+ years – have privacy concerns;

· Respondents aged 18 – 34 years – say it’s not necessarily that they don’t want to talk about debt, but rather that they don’t have the financial literacy skills to do so.

Why the Feelings of Embarrassment and Shame?

Many people are not talking about their debt, but the results show us that many people are feeling that way. Based on the survey, some of the reasons people gave for feeling shame or embarrassment are:

· “I feel ashamed that I don’t have my life together.”

· “It’s not something that I am proud of.”

· “I don’t want people to judge me.”

· “It feels like it’s my fault and I should have done something differently, even though I don’t think I did anything wrong.”

· “I don’t want my family to see me failing at life.”

· “I’m a working professional I shouldn’t always be living cheque to cheque and scraping by.”

The reasons people cite for not wanting to talk about debt are hard to hear. We are living in an uncertain environment, struggling to cope with the rising cost of living, increased inflation, and high levels of household debt. It’s no wonder that people are feeling vulnerable, anxious, and overwhelmed by debt.

Debt stress is real and can take an emotional and physical toll on people. Although talking about it is difficult, it’s important to know that there is help available.

You don’t have to live with the hopelessness that can come with not knowing where to turn for help.

We often hear that making the first call is the hardest part.

If you are having trouble making ends meet each month, finding the right debt solution can help. Visit the BDO Debt Solutions website for more information about bankruptcy, or call 1 855 BDO DEBT to book a free, no obligation consultation.

Jasmin Brown is a Senior Vice President overseeing the insolvency practice in Saskatchewan. She is committed to providing creative and practical debt solutions with empathy, understanding and professionalism to help people overcome their financial difficulties.