Debt Load and the Impact to Psychological Wellbeing
Spergel’s 2nd Annual Study – October 2025
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What’s Inside This Report
A look at how debt affects more than just your finances, including:
- The mental health and emotional toll of debt and its connection to anxiety, depression, and sleep issues
- The top reasons Canadians fall into debt, from rising living costs to job loss and housing expenses
- How debt impacts relationships, family life, and physical health
- The stigma and shame that keep people from seeking debt help sooner
- The transformative mental health benefits of professional debt relief and insolvency support
- Practical solutions and mental health resources that can help Canadians cope and recover
Sneak Peek Insights for Individuals & Couples
Our Research Findings:
33% said debt affected their relationships, while 35% reported that their family life suffered.
Sneak Peek Insights for Stretched Households
Our Research Findings:
Between April and June 2025, over 35,000 Canadians filed for consumer insolvency, signalling sustained financial pressure on Canadian households.
Sneak Peek Insights for Self-Employed & Small Business Owners
Our Research Findings:
424 business insolvencies were filed in January 2025 — 7.6% higher than December and 45.2% above pre-pandemic levels.
Sneak Peak of Insights for Retirees & Seniors
Our Research Findings:
46% of respondents felt that speaking with someone who can relate to their experience would have helped them better manage their debt 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.
1Source: Canadian Association of Insolvency and Restructuring Profess
2Source: Statistics Canada, “National balance sheet and financial flow accounts, second quarter 2025” (released Sept 11, 2025)
Canadians FILED FOR CONSUMER INSOLVENCY IN Q2 2025
INCREASE IN CONSUMER INSOLVENCIES IN THE PAST YEAR
Debt-to-income ratio
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!
Gift Giving Budget Tracker
Feeling stressed about gift shopping and budgets? We get it. That’s why we built this free, user-friendly Gift Giving Budget Tracker to help you plan ahead and spend with confidence.
Debt Load and the Impact to Psychological Wellbeing
Uncovering how debt impacts the mental health and wellbeing of Canadians and how debt relief can change lives.
What To Say When Debt Collectors Call
Getting a call from a debt collector can feel overwhelming. This guide gives you the exact scripts, tips, and resources you need to stay calm, protect your rights, and take control.
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.
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.
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