SYDNEY, N.S. — Instead of talking about their debt issues, some Canadians are simply breaking up to avoid buying a Valentine’s Day gift.
That’s one of the findings from a Credit Canada survey of more than 1,500 Canadians that showed 11 per cent of them would rather pick a fight or break up rather than further add to their debt issues or even discuss them at all.
And that’s very disheartening, according to Adriana Molina, Communications Manager for Credit Canada.
“The survey didn’t actually go into details around how much people are actually spending but it does talk about just the way different people approach their finances and how that can have a negative impact in terms of making people feel frustrated or depressed or embarrassed,” she said during a phone conversation from Toronto.
“Unfortunately, what happens is because that is something most people aren’t very open about speaking to, especially with a partner or friends and relatives, and what ends up happening is that they try and keep it to themselves. That doesn’t really help relationships.”
A second Credit Canada survey — the 2020 Dysfunctional Debt Survey — found that one-in-three Atlantic Canadians (35 per cent) either have ended or would end a relationship because of their debt or that of a partner.
Molina said the personal debt stress is especially high at this time of year when the impact of holiday spending hits home.
“You are dealing will this debt from the holidays, you are trying to catch up, pay your regular bills, and pay that off, then they are hit with Valentine’s Day and a lot of people feel a lot of pressure to spend in order to show how much they care when really it doesn’t matter,” she said.
“I have yet to see a healthy relationship that the more you spend the better it gets.”
Instead of spending more, Molina suggested a return to traditional gifts such as homemade soaps, a handwritten note and maybe a night at home with Netflix and a bottle of wine.
“Personal notes and momentos or memories — that has much more longevity than anything materialistic you can buy at this point.”
The not-for-profit organization can help even further with free debt counselling.
Go online to read Credit Canada’s ‘Break up with Debt’ findings.
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