Debt Load and the Impact to Psychological Wellbeing
Fill Out Your Details to Download the Full Research Report
Enter Your Details to Get Your Download
"*" indicates required fields
What’s Inside This Report
A look at how debt affects more than just your finances, including:
- The profound impact of debt on mental health and wellbeing
- Common coping mechanisms for financial stress
- Debt trends across various demographics
- Primary reasons behind debt accumulation
- Transformative effects of debt relief on mental health
- Available mental health and financial support services
Sneak Peek Insights for Individuals & Couples
Research Findings:
Mental Health
97% of respondents were unaware of available mental health resources tailored to their financial stress.
Sneak Peek Insights for Stretched Households
Research Findings:
sleep quality
50% of respondents reported difficulty with sleeping.
Sneak Peek Insights for Self-Employed & Small Business Owners
Research Findings:
eating habits
44% of respondents reported changes in eating habits — from skipping meals to overeating — due to overwhelming debt stress.
Sneak Peak of Insights for Retirees & Seniors
Research Findings:
Social Isolation
30% of people said they stopped seeing loved ones or withdrew socially due to debt-related stress
Did You Know These Truths About Debt & Mental Health?
Learn more by downloading the full report.
Source: Money and Mental Health Policy Institute (UK): The Facts 2024 study
Suicidal thoughts
People with problem debt are 3x more likely to have thought about suicide in the past year. This staggering statistic highlights the urgent need for support and awareness around mental health and financial struggles.
Mental Health & dEPRESSION
People with depression and problem debt are 4.2 times more likely to still have depression 18 months later, compared to people without financial difficulty. Financial difficulty affects mental health conditions.
stress & isolation
Financial difficulties are a common cause of stress, and stigma around debt can mean that people struggle to ask for help and can become isolated. The impact on people’s mental health can be severe, especially if creditors are aggressive or insensitive when collecting debts.
Mental health support resources
(CAMH) Centre for Addiction and Mental Health
Multilingual Distress Line
Canadian Insolvency Statistics
Real numbers, stats and details. Get your copy of the full report now.
Canadians filing IN Q2 (DAILY total)
Canadians filed for insolvency each and every day of Q2 2024 (April 1 to June 30, 2024)1
Canadians filing IN Q2 (quarter total)
Canadians filed for insolvency in Q2 2024, surpassing 35K for the first time since Q4 2019 – pre-pandemic1
Debt-to-income ratio
Over the past decade, consumer spending has been a major driver of economic growth in Canada, but it’s also contributed to rising debt levels. Currently, Canada holds the highest household debt-to-disposable income ratio among G7 nations, at 185%, compared to the G7 average of 125%.
Hear More About Debt & Mental Health From a Spergel Trustee
Robert Kilner & The Moolala Podcast, hosted by Bruce Sellery, explores the impact of debt on mental health and what we can do about it.
Money can affect every aspect of our lives. This includes mental health. So what happens if you have a high debt load? Spergel partner Robert Kilner joined The Moolala Podcast, hosted by Bruce Sellery, to describe the impact debt can have on mental health and what we can do about it.
Empower Yourself
Money Tips, Tools & Trackers, Research, Articles, Media and More!
The Mortgage Renewal Survival Guide
If your mortgage is up for renewal, you’re not alone in feeling the pressure. With soaring interest rates and inflated costs, millions of Canadians are facing significantly higher monthly payments.
Back to School Without the Debt
This e-book, reveals how debt quietly accumulates and how lenders profit from your struggles.
Bankruptcy exemptions by province in 2025
Are you considering filing for bankruptcy? Like many Canadians, you might be under the impression that you lose everything when you file.
Surplus income limits in Canada – updated for 2025
Each year, the Office of the Superintendent of Bankruptcy updates the surplus income limits for individuals filing for bankruptcy in Canada.
Annual / Monthly Budget Tracker
Feeling overwhelmed by your finances? We understand. That’s why we created this free, user-friendly Budget Template.
Unsure about filing for debt relief? Here’s how to feel confident in your next step
Starting the journey to deal with your debt is a big, brave step – but it’s also completely normal to feel unsure about filing for debt relief.
The hidden stress of everyday spending in Canada
Many Canadians worry about major life costs – mortgages, car loans, or tuition – but there’s another, quieter source of financial stress that often gets overlooked: everyday spending.
Debt Load and the Impact to Psychological Wellbeing
Unveiling the mental health impact of debt: a groundbreaking Spergel study exploring the link between debt and mental health.
What Schools Didn’t Teach You About Managing Debt
This e-book, reveals how debt quietly accumulates and how lenders profit from your struggles.
The Real Cost of Borrowing: How Debt Sneaks Up On You
This e-book, reveals how debt quietly accumulates and how lenders profit from your struggles.
From Survival to Stability: How to Budget When Every Dollar Counts
This e-book, reveals how debt quietly accumulates and how lenders profit from your struggles.
Breaking Free: How to Overcome Debt and Reclaim Your Peace of Mind
This e-book, reveals how debt quietly accumulates and how lenders profit from your struggles.
Debt and Relationships: Navigating Financial Struggles as a Couple or Family
This e-book, reveals how debt quietly accumulates and how lenders profit from your struggles.
Rebuilding After Debt: A Step-by-Step Guide to Financial Stability
This e-book, reveals how debt quietly accumulates and how lenders profit from your struggles.
Groceries Budget Tracker
Want to take control of your grocery budget? Our free Groceries Budget Tracker helps you organize expenses, track spending, and stay on top of your finances with ease!
Goal Tracker Template
Want to make this year your best yet? Our free Goal Tracker Template empowers you to set clear goals, track your progress, and stay motivated throughout the year!
Get Everything You're Looking For All In One Spot
Get Insights Straight to Your Inbox!
Subscribe to get helpful tips, real stories, and the latest debt relief resources.
Subscribe to our Newsletter
"*" indicates required fields