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The holidays are supposed to be a time of joy and celebration, but for many Canadians, they’re becoming anything but. We conducted a study that revealed some fresh new insights into consumer behaviour, and how financial pressures during the holiday season are affecting mental health—the results are tough to ignore.
After surveying 3,835 Canadians, here’s what the numbers tell us:
- 66% of Canadians feel that financial pressures during Christmas lead to anxiety.
- 46% say their holiday spending worries are keeping them up at night.
- 78% keep their financial struggles to themselves, suffering in silence.
- 58% feel pressured to spend more than they can actually afford.
These findings highlight something we see at Harris & Partners every year: financial stress doesn’t just hit your wallet—it impacts your emotional well-being, too.
The growing burden of holiday debt
“People want to make Christmas magical for their families,” says Joshua Harris, a Licensed Insolvency Trustee at Harris & Partners. “But when that means spending beyond your means, it can take a huge emotional toll. By January, we see a lot of people feeling completely buried.”
The desire to make the holidays special often leads people to overspend on gifts, decorations, and family events, all while leaning heavily on credit cards or loans. But what starts as excitement can quickly turn into anxiety and regret when the bills start piling up.
Why so many Canadians are suffering in silence
One of the most heartbreaking findings is that 78% of Canadians keep their financial worries to themselves. That means most people are struggling alone, carrying the weight of holiday debt without reaching out for support.
“This is something we see all the time,” Harris explains. “People feel ashamed, like they should’ve handled things better, or they’re worried about being judged. But the truth is, so many Canadians are in the same boat. You don’t have to go through this alone—there’s always help.”
When financial stress impacts your health
The stress of holiday debt doesn’t just stay in your head—it impacts your body, too. Nearly half (46%) of Canadians say they lose sleep over their financial concerns during the holiday season.
“When you’re lying awake at night worrying about how to cover your bills, it affects your mental health, your physical health, and even your relationships,” says Harris. “This is exactly why we always tell people: don’t wait to address these issues. The sooner you face the situation, the sooner you’ll feel relief.”
Expert tips to avoid the debt trap
Harris suggests a few simple steps to stay on top of your finances this holiday season:
- Set a budget: Know how much you can realistically spend, and don’t go over it.
- Track as you go: Keep tabs on your spending so you don’t get surprised later.
- Be thoughtful, not extravagant: Focus on gifts or experiences that are meaningful rather than expensive.
- Pay with cash or debit: If you can, avoid using credit so you’re not stuck paying it off next year.
A simpler holiday is a happier holiday
As we head toward another busy holiday season, this study is a reminder to focus on what really matters. “The holidays aren’t about how much you spend,” says Harris. “They’re about creating memories with the people you care about. Don’t let money worries ruin that.”
If you’re already feeling buried by debt—or worried about what’s coming—Harris & Partners can help. We specialize in helping Canadians get back on track, no matter how tricky their financial situation might seem.
This year, let’s celebrate the season without letting debt steal the joy. Because the best gift you can give yourself is peace of mind. Discover our debt solutions for Canadians.
