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Finding Details Among Canadians who have debt, 30% of them sought advice from financial professionals to help them manage debt.

Sample size

  • 4,470

Initiative

Collection dates

  • August 01, 2020 to March 31, 2023

Adopter

Related priorities

This finding relates to the following National Financial Literacy Strategy priorities and target outcomes: 

Priority 4

Enhance access to trustworthy and affordable financial help

  • Target outcome 4.1
Related headlines
Headline

2 out of every 3 Canadians in debt don’t seek professional advice.

More than one third of Canadians report their debt has increased, and managing debt can be a difficult and stressful experience. Talking to a professional can help identify strategies for paying off debt on a schedule that meets an individual’s financial needs.

Source: FCAC Monthly Financial Well-being Monitor

The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.

Source: Monthly Financial Well-Being Monitor
Related measures

The measure(s) below make up the Strategy-Aligned Measure (SAM) used to generate this finding. Please note that some SAMs require the use of multiple measures, while others work as a standalone measure. Refer to the Measures Library for more details.

Related

For those with debt, ask: In the past 12 months, did you seek advice from any of the following financial professionals to help manage your debt?

  • Licensed Insolvency Trustee
  • Credit counsellor
  • Debt advisor
  • Other
  • Don’t know
  • Prefer not to say
Opens in new tabContribute findings and Strategy-Aligned Measures

The Financial Consumer Agency of Canada does not endorse, directly or indirectly, any adopters of the Measurement Plan, nor does it make any representations or warranties, express or implied, concerning the adopters' products or services or their fitness for a particular purpose.

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