Pandemic: Canadians reluctant to talk about their financial problem

The COVID-19 health crisis has had financial consequences for nearly half (46%) of Canadians, and many of those people find it difficult to talk about it or ask for help, a survey says.

Released Thursday, in Financial Literacy Month, Ipsos’ probe for TD Bank indicates that about 34% of respondents feel uncomfortable when they have to talk about their money problem.

About 31% of respondents say they will seek help from their financial institution.

The poll, conducted between October 26 and 28 with a sample of 1001 Canadians, also shows the reluctance of people to discuss money, both in person and even online.

In fact, six in ten respondents said they were afraid to go to the doctor than talking to their financial advisor. In addition, one in ten (13%) said they prefer to have a root canal to avoid talking about money. They are 24% to prefer to discuss politics rather than money.

“We know that many Canadians are uncomfortable talking about their personal finances, but asking for help managing your money is an extremely important step towards financial health and confidence,” Nicolas said in a statement. Brazeau, Financial Planner, TD Wealth Management.

In general, people don’t want to talk about their situation because they think it’s rude to talk about it (37%) or because they don’t want to be judged (18%).

However, not being able to talk about your financial problems undermines the possibilities of a recovery of the situation, underlines the financial institution.

Mr. Brazeau is campaigning for more financial education in the country to reduce the stigma often associated with conversations about personal finance.

Check Also

The very dangerous cycle of private mortgage lending

Réjean and Jocelyne have owned their family home for over 20 years. Progressive debt and …

Leave a Reply

Your email address will not be published. Required fields are marked *