Middle-income Canadians face sizeable debt burden: StatsCan

More than half of Canadians are feeling the financial blues, and particularly those 45 and under, according to a recent survey conducted on behalf of the Financial Planning Standards Council (FPSC) and Credit Canada.

The third Monday in January — which falls on Jan. 15 this year — is known as “Blue Monday” and said to be the most depressing day of the year. To help Canadians combat sad feelings around their finances, the FPSC and Credit Canada developed a survey to ask: “When it comes to your finances, what makes you blue this time of year?”

Here are some of the survey’s key findings:

> One-in-five respondents (20%) has a credit card balance larger than their savings account.

> Younger adults aged 18 to 44 are especially blue about finances this time of year (68%) compared to those 45 and older (41%).

> One-in-four Canadians surveyed (25%) do not have funds to escape the winter melancholy through a vacation.

> Six per cent of respondents have already broken their financial new years resolutions.

> Approximately 21% of Canadians survey spent more money than expected over the holidays.

Read: Helping your clients reduce debt

Read: Bridging the financial planning gap

“The upcoming month between Blue Monday and Valentine’s Day is often considered the saddest time of the year, but it doesn’t have to be that way,” says Kelley Keehn, FPSC’s consumer advocate, in a statement.

CFP professionals can help clients achieve “financial wellness” during this time by determining the appropriate actions to help them achieve their goals, Keehn adds.