50% of Those in Manitoba and Saskatchewan on the Brink of Insolvency

Night view of Downtown Winnipeg

With a weakened economy and hundreds of thousands of households in western Canada grappling with the very difficult realities of unemployment, it’s no surprise (or secret) to learn that many are struggling financially. According to MNP’s recent Consumer Debt Sentiment Survey however, the numbers are more staggering than we may expect. The survey shows more than 50 per cent of those living in Manitoba and Saskatchewan would be unable to keep up with their bills and debt payments if their monthly income was decreased by just $200. At a number like that, any financial disruption, such as a job loss, relationship breakdown or unexpected household or vehicular expenses could send millions (you read that number right) of Canadians into financial ruin.

MNP’s Consumer Debt Sentiment Survey was conducted by Ipsos Reid on behalf of MNP. AM980 CJME covered the survey in an original article published on September 28, 2016.