A new Ipsos Reid survey finds that more than half of Albertans would be embarrassed to seek help in the case of dire financial straits.
The survey found 54 per cent of Albertans wouldn't seek help even if in a financial situation dire enough to consider bankruptcy. The stigma around bankruptcy is among the prominent reasons for those who decline to seek help.
"The shame and guilt associated with stops people from talking about it," said Zaki Alam with insolvency firm MNP. "Those who are most in need of help are the least inclined to ask for it."
Alam says a lack of financial literacy and awareness of debt relief options contribute to the problem.
The number of Albertans who filed for bankruptcy or a consumer proposal in the first quarter of 2019 rose by 15 per cent compared to the same time period last year, according to MNP.
"Many people delay getting help until they are in an absolutely dire situation," said Alam.
The survey polled 2,100 Canadians aged 18 and over and has a margin of error of 2.4 per cent, 19 times out of 20.
