Nearly two in five British Columbians say they need help to get out of debt.
That’s according to a report by Ipsos on behalf of MNP, which also shows the same proportion believing they will remain in debt.
Licensed Insolvency Trustee, Leah Drewcock says younger Canadians between the ages of 18 and 34 are more likely to be embarrassed about seeking help.
“Debt affects every age group and demographic, which is why this March at MNP we’ve launched our first Debt Literacy Month, and our goal is to provide Canadians with critical knowledge and trusted resources to help them regain control of their finances, regardless of their age.”
Drewcock says there’s a lot of misinformation in the debt advisory marketplace, adding it’s important for Canadians to be literate about those pitfalls.
The most important message they’re trying to spread is Canadians should be seeking help from trusted professionals, which are Licensed Insolvency Trustees.
“We are the only debt professionals regulated by the federal government, authorized to administer consumer proposals and bankruptcies, required to give unbiased advice, and present all available debt relief options.”
“That’s really what debt literacy is about, is educating people on their options.”
The Canadian Association of Insolvencies and Restructuring Professionals stated the ongoing strain may continue as high cost of living and mounting household debt persists, highlighting the need for stronger debt literacy.
More information can be found on MNP’s website here.
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