New Fig Data: 94% of Canadians Say Talking About Money Struggles Should Be More Acceptable

New data from Fig highlights how debt and financial stress are deeply tied to emotion, shame and the need for open dialogue

TORONTO, Nov. 13, 2025 (GLOBE NEWSWIRE) -- A new national survey commissioned by Fig, a leading Canadian online loan provider reveals how rising debt is reshaping Canadians’ confidence, relationships and mental health. The study surveyed 1,500 adults nationwide and found that 84 per cent currently carry debt, with one in seven (14%) unsure they’ll ever pay it off. The findings suggest financial strain has become an emotional issue as much as an economic one, highlighting how Canadians’ sense of self-worth is increasingly tied to their financial well-being.

Key Findings:

• 45% of Canadians say a single unexpected expense could throw their finances off course, and 57% of Millennials admit one surprise bill could financially cripple them.
• 47% say a $10,000 emergency would push them into debt, while 32% say even $5,000 would do the same.
• 29% regularly rely on credit cards or loans to cover everyday expenses.
• 60% believe modern payment tools, such as Apple Pay, Buy Now Pay Later, and one-click checkouts, make it easier to fall into debt.
• 27% say they find it difficult to control their use of credit cards or Buy Now Pay Later programs.
  

Canada’s Growing Financial Anxiety
The numbers tell part of the story, but the emotions behind them reveal something bigger: a nation weighed down by anxiety. Thirty-nine per cent of Canadians confess that financial worries have kept them awake at night. Thirty-four per cent say they have felt hopeless about their finances in the past year, while nearly half (42%) feel overwhelmed by the sheer number of financial decisions they face daily.

Among younger generations, the emotional toll is even sharper. Fifty-nine per cent of 18–34-year-olds and 49 per cent of 35–54-year-olds say they struggle to manage the constant flow of financial decisions, a reality worsened by the ease of spending through technology. Six in ten Canadians agree that modern payment tools like Apple Pay, Buy Now Pay Later, and one-click checkouts make it easier to fall into debt.

The result? A culture where 51 per cent of Canadians feel guilty spending on themselves, even for small indulgences, and where money management feels more like a moral struggle than a practical one.

Money, Identity, and Self-Worth Are Intertwined
Financial stress is quietly shaping how Canadians feel, live and connect. The survey found that nearly half (47%) of adults under 34 question their self-worth because of their financial situation. In fact, 41 per cent of Canadians say they would rather admit to gaining weight than to struggling financially, a striking sign of how financial shame continues to make open conversations about money difficult.

Increasingly, young adults feel compelled to spend beyond their means to keep up appearances, highlighting how social comparison is shaping financial behaviour. Fifty-five per cent of 18–34-year-olds confessing they have overspent to keep up with friends, compared to 33 per cent of Canadians overall. 45 per cent of 18–34-year-olds admit they have hidden money problems to avoid judgment.

“Money has become more than a financial tool, it’s become a reflection of how people see themselves,” said Francois Coté, CEO of Fig Financial. “We want to change that. True financial well-being isn’t just about having more, it’s about feeling secure, informed, and unashamed of where you are.”

Money as the Third Partner in Relationships
In relationships, finances affect every step in a relationship, from picking a partner to building a life together.

Half (50%) of those currently in debt say they would hesitate to date someone carrying financial baggage of their own. Women are particularly cautious: 59 per cent say they would think twice before entering a relationship with someone in debt. In addition, 55 per cent of Canadians with debt consider having debt to be a red flag, underscoring just how influential financial status can be in shaping romantic decisions.

Then within relationships, more than half (58%) of Canadians view financial infidelity, such as hiding purchases or debt, as just as serious as cheating. Together, these findings reveal that money is more than a practical concern, it’s a defining factor in trust, attraction, and long-term compatibility.

Canadians Want to Talk About Money
Light at the end of the tunnel, Canadians want to be more open and honest about money! Of traditionally taboo topics like sex, politics, religion, money remains the second hardest to discuss. Ninety-four per cent believe that talking about money struggles should be more socially acceptable.

“At Fig, we’re urging Canadians to break the silence around debt,” adds Coté. “Open, honest conversations are the foundation for financial confidence.”

How Canadians Can Take Back Control
The data highlights both the urgency of the problem and a path forward. With 47 per cent of Canadians saying a $10,000 emergency would push them into debt, the need for better financial planning is clear. Fig recommends four key steps:

1. Talk About It – Normalizing financial conversations helps reduce anxiety and break stigma.
2. Plan for the Unexpected – Building a safety net or exploring flexible personal loan options can prevent a single setback from snowballing.
3. Consider Alternatives to Big Banks – With 31 per cent of Canadians trusting banks less than they did five years ago, fintechs like Fig offer more personalized and transparent solutions tailored to modern financial needs.
4. Revisit Your Finances Regularly – Scheduling regular check-ins on your spending, savings, and debt can make financial management less overwhelming and more empowering.

Discover how Fig can transform your personal lending experience today, visit https://fig.ca/

Methodology
The survey was conducted by Fig among members of the Angus Reid Forum. The survey was conducted between October 16 and 20, 2025,  among a representative sample of 1533 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/- 3 percentage points, 19 times out of 20.

What is Fig?
Fig is on a mission to revolutionize personal lending in Canada with fast, transparent and convenient online personal loans. Fig is a unique company backed by Fairstone Bank and Koru, a groundbreaking venture studio owned by Ontario Teachers’ Pension Plan. Fairstone has almost 100 years of lending experience allowing Fig to combine the best of both worlds - the agility and scrappiness of the start-up world and the experience, stability and resources of the corporate world.

Will taking a personal loan affect my credit score?
Yes, but usually in a positive way. Making consistent, on-time payments helps build or repair your credit history over time. Fig, a Canadian online loan provider can help build or repair credit history and improve financial standing over time.

Is it a good idea to use a personal loan to pay off credit card debt?
Often, yes. A Fig personal loan can consolidate multiple high-interest credit cards into one predictable monthly payment, helping reduce stress and total interest paid.

How much interest will I end up paying overall on a loan?
That depends on your loan amount, term, and credit profile. Fig, Canadian online loan provided, gives clear, upfront rates and repayment terms, no hidden fees or surprises, so you always know exactly what you’ll pay.

Media Contact
Bianca Lopez
905-914-0860
bianca@talkshopmedia.com 

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