Let’s Talk Money and Break the Stigma around debt

November 25, 2025 – Ottawa, Ontario

Across the country, many Canadians are silently struggling with debt, weighed down not only by what they owe, but by the stigma that prevents them from asking for help. Their silent suffering often leads to isolation and delays solutions that could improve their financial and mental well-being. This November marks the 15^th anniversary of Financial Literacy Month (FLM), led by the Financial Consumer Agency of Canada (FCAC). The 2025 theme, “Talk Money,” is a national call to action to break down the stigma surrounding debt and encourage open, judgment-free conversations about money.

As part of FLM, the Office of the Superintendent of Bankruptcy (OSB) and the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) are partnering once again to help Canadians talk openly about money and understand why it’s a good idea to seek early guidance from trusted, regulated professionals such as Licensed Insolvency Trustees.

Stigma stops many Canadians from seeking financial help.

Debt can happen for many reasons: unexpected job loss, illness, higher living costs, or simply trying to make ends meet. More than half of Canadians report struggling to keep up with financial commitments (54%) and have experienced increased stress as a result (53%), while more than one in three (39%) Canadians say that their debt has increased¹. Yet, despite how common debt is, many people hesitate to talk about it or seek help. Only three in 10 (30%) Canadians with debt report seeking advice from a financial professional to help them manage debt², leaving the majority without guidance to navigate their financial challenges.

Talk Money. Break the Stigma. Take Control.

Financial Literacy Month is about more than numbers, it’s about starting honest conversations that can lead to stronger financial health and peace of mind. Whether you’re struggling with debt, managing a household budget, or supporting others, opening up about money can lead to improved financial confidence and better decisions.

You can find reliable tools and information about options for dealing with your financial difficulties by visiting the OSB’s Debt Solutions Portal and CAIRP’s Navigating Financial Distress page.

Trusted help vs. costly traps: what Canadians need to know. Avoid unlicensed debt advisors claiming insolvency expertise.

Knowing where to turn for help is key, but not all debt advice is reliable. Unregulated or unlicensed advisors may advertise quick-fix debt solutions or charge high fees for services they are not licensed to provide or for unnecessary services offered before, during or after a consumer proposal or bankruptcy filing. To protect yourself:

• Watch for red flags: Be wary of anyone who guarantees to “erase” debt or “fix” credit scores or asks for large upfront payments before explaining your options. These unregulated advisors may rely on high-pressure sales tactics or urge you to take out new high-interest loans to pay their fees, which can worsen your financial situation.
• Meet with a Licensed Insolvency Trustee (LIT): LITs are the only federally regulated professionals in Canada authorized to provide government-regulated solutions like consumer proposals or bankruptcies. They’re bound by a Code of Ethics and required to assess your financial situation and explain all available options, including non-insolvency alternatives, to help you make a fully informed decision.
• Ask for a free consultation: Many LITs offer initial consultations at no cost, giving you access to unbiased advice with no obligation.
• Verify credentials: Use the OSB’s online directory to find a Licensed Insolvency Trustee near you.