Younger adults overspend to keep up, while most say one surprise bill could tip them into debt
Nearly half of Canadians say a single unexpected expense could derail their finances, and for Millennials, one surprise bill could be enough to cause serious financial distress, according to a new national survey commissioned by Fig, a Canadian online loan provider.
The study, which surveyed over 1,500 adults, reveals that 84 percent of Canadians currently carry debt, and one in seven are unsure they’ll ever pay it off.
Financial anxiety is pervasive: 39 percent of respondents say money worries have kept them awake at night, while 34 percent have felt hopeless about their finances in the past year.
The emotional toll is especially acute among younger adults, with 59 percent of those aged 18–34 struggling to manage the constant flow of financial decisions, as reported by Fig.
The survey also found that 51 percent of Canadians feel guilty about spending on themselves, and nearly half of adults under 34 question their self-worth because of their financial situation.
The impact of debt extends beyond the individual, shaping relationships and social dynamics.
According to the survey, half of those in debt would hesitate to date someone with financial challenges, and 58 percent of Canadians view financial infidelity—such as hiding purchases or debt—as just as serious as cheating.
Social pressures are evident, with 55 percent of 18–34-year-olds admitting they have overspent to keep up with friends.
Modern payment tools such as Apple Pay, Buy Now Pay Later, and one-click checkouts are making it easier for Canadians to fall into debt, with 60 percent of respondents acknowledging this trend.
Twenty-nine percent regularly rely on credit cards or loans to cover everyday expenses, and 27 percent find it difficult to control their use of credit cards or Buy Now Pay Later programs.
Despite the stigma, there is a growing desire for openness: 94 percent of Canadians believe that talking about money struggles should be more socially acceptable, according to Fig’s findings.
The survey suggests that normalizing financial conversations, planning for unexpected expenses, and regularly reviewing finances are key steps Canadians can take to regain control.
The survey was conducted by Fig among members of the Angus Reid Forum between October 16 and 20, 2025, with a representative sample of 1,533 Canadians.
