2026 Survey Results
Consumer Debt Report 2026
From the phenomenon of ads selling cars based on weekly payments to the golden era of Buy Now Pay Later (BNPL) plans, attitudes toward credit have shifted noticeably. The increased focus on managing the payment – rather than the total cost of a purchase – masks the true weight of the shift. Our annual survey of 1,200 Canadians reveals that this normalization of credit and reliance on minimum payments is setting Canadians up for financial hardship in the face of changing financial circumstances.
This survey attempts to try and gain a deeper understanding of what Canadians are thinking and experiencing to better understand the challenging realities they’re facing. This survey provides important insights into the debt, perceptions, and feelings of people across Canada.
Insights
- Canadians Enter the Year Under Growing Financial Pressure: A number of Canadians are entering the new year under financial pressure, with 27% reporting a worse financial position. Rising costs of essentials remains the leading contributor of worsened finances and the top financial concern by a wide margin. More than two-thirds (68%) are concerned about the rising cost of living, helping explain why nearly one-third (30%) feel anxious rather than confident about their current financial situation. Increased reliance on credit instead of cash further underscores ongoing affordability pressures. Among those whose finances have improved, income gains or job changes remain the top driver, highlighting the continued importance of earnings growth in offsetting cost pressures.
- Debt Anxiety Is Now the Norm for Many Canadians: Debt-related stress is widespread among Canadians, with 65% feeling concerned or anxious about what they owe, and 46% reporting that their debt has increased over the past year. Repayment pressures are evident, as just over half (52%) say they are paying only slightly more than the minimum required. Managing debt has led to trade-offs, with three-in-four (73%) making lifestyle changes and 56% turning to borrowing or adjusting their savings. While 43% say they have managed their debt pre-emptively, suggesting a mix of reactive and proactive approaches as Canadians navigate ongoing financial pressures.
- Financial Struggles Remain Hard for Canadians to Discuss: Canadians experience conflicting emotions when seeking financial help, particularly embarrassment and personal responsibility. While one-third (33%) say personal finance difficulties are what they worry about most, many remain uncomfortable talking about these concerns, highlighting an ongoing discomfort around money conversations. Talking about debt is not among Canadians’ most severe fears, suggesting that hesitation to discuss financial challenges stems more from unease than outright fear. When seeking support, 32% are most comfortable contacting financial advisors, while 10% would approach a non-profit credit counselling agency.
When asked to rank their top fears, Canadians whose debt increased over the past year ranked “talking about debt” as something they fear more than spiders, snakes, needles, and visiting the dentist.
State of Personal Finances
Amid the economic uncertainty that continues to impact the country, Canadians are almost as likely to feel worse off now than better. While levels of confidence and anxiety about personal finances are similar to one year ago, the specific circumstances for Canadians have notably changed:
- More Canadians report using credit instead of cash. This has increased from 35% last year to 42% this year. For those whose debt has increased over the past year, the number jumps to 59% reporting they use credit instead of cash.
- While spending more on essentials remains a top concern for Canadians, other top concerns this year include not saving enough for retirement and Canada / US relations combined with tariffs.
- 30% feel anxious about their current financial situation
. 30% - 27% feel worse about their financial position today vs. the beginning of 2025. 27%
- 79% of Canadians with a worsened financial situation say spending more on essentials is the top contributor. 79%
- 33% listed US / Canadian government relations and tariffs as one of their top financial concerns. 33%
The Debt Effect
Debt is negatively affecting many parts of Canadians’ lives.
- Mental wellbeing: 27% say their mental wellbeing is affected. This jumps to 53% if their debt increased in the past year.
- Outlook on life: 27% say it affects their outlook on life. However, for those whose debt has increased in the past year, 54% say debt affects their outlook on life.
- Relationship with their partner: 28% of those who experienced an increase in debt last year say it affects their relationship with their partner.
Debt and Savings
Canadians have been increasingly likely to have turned to sources of financial support over the past year to manage their debt. Well over half of those with non-mortgage debt (56%) have recently drawn from savings or investments, cut back on saving or investing, or borrowed more money.
Almost half (46%) of Canadians have seen an increase in their debt over the last year, and while 73% of those carrying debt have made lifestyle changes to manage their debt, there are still some who are falling further into debt with nearly one-in-four (23%) only dealing with their debt either once it had reached a critical stage or haven’t done anything about it yet.
- 56% of Canadians have had to recently lean on credit or savings to get by. 56%
- 61% of people with non-mortgage debt feel anxious and 60% feel frustrated. 61%
- 52% of those with non-mortgage debt are not paying much more than the minimum payments
. 52% - 46% of Canadians have experienced an increase in debt in the past year. 46%
Perceptions of Financial Assistance
Canadians who need financial help and guidance the most are least likely to reach out to resolve their situation. They’re held back by both fear and negative associations with needing help. Canadians continue to have predominantly negative associations with reaching out for financial help themselves.
Canadians with increased debt this past year fear talking about their debt more than spiders, snakes, needles, and visiting the dentist! Financial challenges are both the most uncomfortable topic to discuss with friends and family and the one Canadians often spend the most time concerned about.
- Close to 40% of Canadians feel embarrassed about reaching out for financial help. 38%
- 30%, on the other hand, say reaching out for financial help would make them feel responsible. 30%
- 1 in 3 Canadians (33%) spends time worrying about personal financial difficulties, and the same number are uncomfortable discussing it. 33%
Find Your Path Forward
As you review these findings, remember that it’s never too early to start dealing with your debts. No matter your level of debt, there are resources and experts available at the Credit Counselling Society who can help you chart a path forward.
Previous Survey Results
Below are past Consumer Debt Reports
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