November is Financial Literacy Month in Canada, and this year’s theme is “Talk Money.”
Money is something we all think about, yet many of us avoid talking about it. According to a survey by FP Canada, nearly one in four Canadians feel that money is too taboo a topic to discuss. But what we often don’t recognize is how much money and mental health are intertwined, and how starting a conversation about money can ease more than just financial stress.
The hidden weight of money stress
According to the Financial Consumer Agency of Canada, money worries are the greatest source of stress, more than work, personal health and relationships. Debt, in particular, can weigh heavily, leading to sleepless nights, arguments between partners and a constant sense of falling behind. All of this can take a serious toll on one’s emotional well-being.
When people avoid talking about money, the problem often worsens. The silence creates isolation, making it feel like everyone else has it figured out except you. In reality, financial struggles are incredibly common, but because they’re rarely talked about, people carry the burden alone.
Why talking helps
Just as speaking to a trusted friend can ease stress about work or relationships, talking openly about money can provide relief and perspective. Conversations can also lead to:
- Shared solutions: Friends or family may have strategies or resources you haven’t thought of.
- Reduced stigma: Realizing you’re not alone can make financial challenges feel less shameful.
- Access to help: Talking can lead you to professional support, whether through a credit counsellor, financial advisor or mental health professional.
The link between money and mental health
Money and mental health often form a cycle. Stress over finances can lead to anxiety and depression. In turn, poor mental health can make it harder to manage money, whether through avoidance of bills, impulsive spending or missing work. This cycle can be broken, but it starts with acknowledging both sides of the issue.
For example, someone struggling with depression may find it overwhelming to open their mail or respond to creditors. Without intervention, the problem worsens. But if that person talks about both their financial and emotional struggles, they’re more likely to receive holistic support that addresses the root causes.
Starting the conversation
Not sure how to begin? Here are a few simple ways to open up:
- With a partner: Share one money goal (like saving for a trip) and ask about theirs. It can naturally lead to deeper conversations about debt, bills and priorities.
- With a friend: Bring up a budgeting tool or podcast you found helpful. It’s a non-threatening way to share and invite discussion.
- With a professional: Book an appointment with a non-profit credit counsellor or financial planner. Sometimes it’s easier to start with a neutral third party.
- With kids: Talk about small things, like grocery prices or saving allowance, to build healthy money habits early.
Removing the shame
One of the barriers to talking about money is shame — the fear of being judged for debt, spending habits or lack of savings. But the truth is, most Canadians have experienced financial setbacks, whether from job loss, illness, rising costs or simply mistakes. By replacing judgment with empathy, we can create a culture where financial literacy grows and mental health improves.
A community effort
Financial Literacy Month is a reminder that money conversations don’t just happen at the bank—they belong at the dinner table, in classrooms, in workplaces and within communities. Talking openly helps break cycles of stress, stigma and silence.
When we normalize talking about money, we also make it easier to talk about the feelings that come with it. And that’s a step toward healthier finances and healthier minds.
This November, join the movement and talk about money. Whether it’s with your family, your friends or a trusted professional, starting the conversation is the first step toward reducing stress, building confidence, and supporting both financial and mental well-being.
For helpful financial literacy resources, visit abcmoneymatters.ca.
