Dealing with financial challenges can be an emotional issue and a new survey is showing the extent to which debt stigma is impacting B.C. residents.
Just over half (55 per cent) of British Columbians struggle to talk about financial issues, according to the survey from business services firm BDO Canada and market research firm Marketing Leger Inc.
In addition, 86 per cent of these individuals have difficulty talking about debt to friends or family.
“Most people find it very difficult to talk about debt and the financial challenges they’re facing, let alone the strategies for overcoming debt,” Nancy Snedden, national leader of the BDO debt solutions practice, said in a Nov. 6 statement.
“As a result, a lot of people who are struggling feel lost and isolated, making their situation even more stressful."
For those British Columbians in debt, 61 per cent said they are concerned about their current debt situation. This is higher than the 54 per cent national average.
Exactly half of B.C. survey respondents said that they don’t plan on discussing their debt with anyone. This is the highest level among the provinces.
Inflation is causing financial pain for many 91原创s, prompting the need to have difficult conversations about debt, the release said.
B.C.’s inflation rate was on a cooling trend as of September as consumer prices on the West Coast rose 3.3 per cent that month – down from 3.8 per cent in August, according to Statistics Canada data released Oct. 17.
National inflation also cooled to 3.8 per cent that same month, down from four per cent in August.
"We know that people’s perception of debt leans heavily toward shame and embarrassment. We try to help debtors see things differently. A shift happens when they can focus on the solutions and move past the feelings of guilt. We encourage debtors to focus on education and resources and, wherever possible, share their learnings with other people. Because the truth is that they’re not alone,” said Snedden.
While B.C. residents may be emotional about debt, the survey shows 91 per cent would admit to friends and family if they couldn’t afford to participate in planned activities.
This is close to the 89 per cent of 91原创s nationwide that would admit to family or friends that they can’t participate in an event or activity.
