Serious illness, death and job loss: Canadians strongly

TORONTO, Feb. 02 28, 2021 (GLOBE NEWSWIRE) — As much of the country has faced financial hardship throughout the pandemic, the conversation around debt cancellation has intensified. A new national poll from Bromwich+Smith shines a light on the compassion of Canadians by taking the pulse of the debts they believe should be cancelled.

To the question “Are you in favor or opposed to the cancellation of the debt for the following expenses?” » the three areas of debt that generated the most sympathetic support were serious illness (for which more than eight in 10 Canadians supported debt forgiveness), death of a spouse or loved one (72%) and job loss (63%). Other expenses that Canadians believe should be canceled are student loans (52%), small business debt (44%) and mortgages and rents (39%).

The study is the latest in a series of surveys designed to create a benchmark of public attitudes and force discussion around the destigmatization of debt. The least popular causes of debt forgiveness were divorce (27%), substance abuse (24%), consumer debt/credit card/car payments (23%) and gambling debt (12%) .

“The collective experience of COVID has probably made us all more compassionate,” said Jasmine Marra, Vice President of Bromwich+Smith. “Empathy plays a critical role in de-stigmatizing debt and helping clients rebuild their worth and thrive.”

Women are more forgiving than men

  • 87% of women would cancel their debt due to a serious illness (compared to 76% of men)
  • Four out of five women are in favor of canceling death-related debt (compared to 65% of men)
  • Canceling student loan debt is supported by 56% of women vs. 46% of men
  • Half of women (48%) support small business debt cancellation, compared to 39% of men
  • Four in 10 women would erase their mortgage and rent debt, compared to 34% of men
  • Finally, there is a slight difference for divorce debts (women are at 30% against men at 24%)

A story of changing attitudes by generation
Younger Canadians (18 to 34) are generally more forgiving than older Canadians on several indices, especially those 55 and older. As you might expect, people aged 18 to 34 were more likely to forgive student loans, but the generational empathy gap didn’t end there and contained some welcome surprises.

Do you bear the debt
forgiveness related to
following expenses?

18-34 years old

35-54 years old

55 and over

Student loans 63% 52% 42%
Small business debt (loans, rent, etc.) 50% 44% 39%
Mortgage and rent 46% 41% 31%
Debts related to drug addiction 36% 27% 16%
Gambling debts 21% 11% 5%
critical illness 81% 85% 80%
Consumer debt, credit cards and car payments 28% 26% 15%

“Debt carries a very big stigma among Canadians, something we often see with our clients, and something that causes people to define their self-worth by their net worth,” Marra said. “Overcoming debt requires an inner journey and some measure of self-forgiveness. Once that happens, it’s important to know that every Canadian has the right to restructure their debt.

The debt forgiveness survey follows this fall’s Covid Economy Poll, which polled Canadians on bankruptcy, debt, stigma and whether the pandemic had set back socio-economic progress.

The full results of the Debt forgiveness survey are available through the contacts below.

About youhe Debt forgiveness survey by Bromwich+Smith
From December 18-20, 2020, an online survey was conducted with a representative sample of 1,520 Canadian Angus Reid Forum members. The sample was balanced and weighted by age, gender, region and education. For comparison purposes, the sample design would include a margin of error of +/- 2.5 percentage points, 19 times out of 20. Discrepancies in or between totals are due to rounding.

About Bromwich+Smith
Bromwich+Smith, our dedicated team of Licensed Insolvency Trustees and Debt Relief Specialists are committed to rebuilding the value of our clients, while helping to ease the crushing financial and emotional burden they bear. Beyond the financial well-being of our clients, Bromwich+Smith strives to restore the personal well-being and self-confidence of each client. Whether it’s a consumer proposal, bankruptcy, advice or budget, our clients trust us to work with them to find personalized solutions to restore them. With offices in British Columbia, Alberta, Saskatchewan and Ontario, Bromwich+Smith helps thousands of Canadians rebuild their worth every year. Bromwich+Smith’s debt relief specialists are available for an initial consultation by phone at 1-855-884-9243 or viawww.bromwichandsmith.com.

For more information: To arrange an interview with Jasmine Marra, Vice President of Bromwich+Smith, please contact:

Dana Sharman
MAVERICK Public Relations
[email protected]
1-705-878-6493

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5e2fcf22-e1fc-454f-8fc4-32f203ddab66

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