A recent study conducted by Ontario-based firm Hoyes Michalos has suggested that millennials in Canada are struggling financially due to a combination of debts from credit cards, student loans, high-interest loans, and pandemic-related tax debt accrued whilst collecting CERB. The study found that millennials, aged 26 to 41, made up 49% of the 2,700 personal insolvencies filed in Ontario, despite only comprising 27% of adult Canadians. Insolvent millennials were typically 33 years old and owed an average of $47,283 in unsecured debt. Hoyes Michalos’ Doug Hoyes has said that many people collected CERB without realising the accompanying tax liabilities, finding themselves unable to pay down their debts. The rising costs of housing and tuition fees, as well as the lack of a “safety valve,” have left younger generations in Canada in a precarious financial position. Whilst filing for bankruptcy can be an option, Hoyes suggests that consumer proposals are more frequently used as a method of paying down the debt in manageable portions. Credit counselling societies are also seeing a rise in those needing help with debts stemming from variable interest rate mortgages and credit cards. The stigma of debt, as well as its associated mental health implications, is a real challenge for those seeking help.