About one-third of Saskatchewan and Manitoba residents fear they may never be debt-free; acknowledge needing help, but two in five are too embarrassed to seek it

• Mounting debt forces bad financial habits: Nearly a quarter (23%) are paying only the minimum on credit cards, nearly one in five have taken on more credit card debt (19%), missed payments (16%).
• More than a quarter feel the stigma of Bankruptcy prevents them from seeking help (28%).
• A quarter say they don’t know how to get out of debt or where to turn for help (24%).

March is Debt Literacy Month, aiming to educate, empower, and break the stigma amid rising consumer debt

REGINA, SK – March 3, 2025 – Mounting financial pressures are driving Saskatchewan and Manitoba residents into a cycle of overwhelming debt, as stigma and confusion prevent many from seeking help. According to a new survey conducted by Ipsos on behalf of MNP LTD, three in 10 (29%) Saskatchewan and Manitoba residents acknowledge they need help to get out of debt. Yet two in five (43%, -2pts from 2019) say they would be embarrassed to seek help if their financial situation was bad enough to consider Bankruptcy.

As financial struggles intensify, the launch of Debt Literacy Month this March aims to break down these barriers, providing Saskatchewan residents with the critical knowledge and trusted resources they urgently need to regain control of their finances.

“Debt can feel overwhelming and isolating, leaving many unsure of where to turn for help,” says Pamela Meger, a Licensed Insolvency Trustee with MNP LTD in Regina. “Debt Literacy Month aims to break down these barriers and equip individuals with the tools and knowledge they need to tackle the stigma, make informed financial decisions, and find a clear path out of debt.”

Consumer insolvencies increased by six percent in Saskatchewan and 4.4 percent in Manitoba in 2024 according to statistics from the Office of the Superintendent of Bankruptcy, underscoring the growing financial distress among Saskatchewan residents. Ongoing economic uncertainty, including concerns about trade policies and potential tariffs, could further impact household finances in the months ahead. Rising financial strain reinforces the need for Saskatchewan residents to understand their debt relief options and take proactive steps toward financial stability.

The survey reveals that while most Saskatchewan and Manitoba residents agree there’s no shame in seeking help with debt (89%, -2pts from 2019), a gap remains between belief and action. More than a quarter (28%, -5pts from 2019) say the stigma of Bankruptcy prevents them from seeking assistance.

“It’s concerning that the vast majority of Saskatchewan and Manitoba residents believe there’s no shame in getting help for debt, yet more than a quarter still hold back from taking that crucial first step due to the stigma of Bankruptcy. That said, it’s encouraging to see a decline in those deterred by stigma since 2019,” says Meger. “Financial setbacks can happen to anyone — from job loss to divorce or unexpected health issues — and it shouldn’t stop people from seeking the support they need. You are not alone, and there is no shame in asking for help.”

Despite many acknowledging they need help with their debt, about three in five (58%) are deterred by fears of debt-relief scams, while nearly three in four (71%) don’t believe their situation is serious enough to seek debt help. A quarter of Saskatchewan and Manitoba residents (24%) admit they don’t know how to get out of debt or where to turn for help, and two in five (44%, +1pt from 2019) struggle to trust professional companies to assist them. A third (34%) believe they will never be debt-free.

“Even though resources are available, some residents don’t know where to turn for reputable advice,” says Meger. “The best step is to speak with a Licensed Insolvency Trustee. They are the only debt professionals regulated by the federal government and authorized to administer Bankruptcies and Consumer Proposals. While there is a common belief that they only handle Bankruptcies, Licensed Insolvency Trustees can also help individuals avoid Bankruptcy through options such as debt consolidation, budgeting strategies and Consumer Proposals.”

Common misconceptions can compound the stigma for many. A quarter (24%) of Saskatchewan and Manitoba residents worry that pursuing debt relief could lead them to lose their homes. Nearly half (47%) are concerned about the impact of Bankruptcy on their credit score.

“One misconception about Bankruptcy or insolvency is the fear of automatically losing your home or vehicle,” explains Meger. “In reality, legal protections exist to help safeguard these assets. A Consumer Proposal, for example, can stop interest charges, halt wage garnishments, end harassing creditor calls, and allow people to retain their assets, provided they adhere to the payment plan.”

Meger adds that while individuals often worry about how their credit score would be affected by  Bankruptcy, she points out that struggling with overwhelming debt for a prolonged period can also hurt their credit score. A Bankruptcy or Consumer Proposal can help individuals start fresh and rebuild their credit scores.

While Saskatchewan and Manitoba residents are torn on seeking help for their debt, some are stuck in patterns of financial strain, relying on short-term fixes that deepen their challenges. In the past year, nearly a quarter (23%, -6pts since 2023) of Saskatchewan and Manitoba residents have only paid the minimum payment towards the balance on their credit card. While this reflects an improvement since 2023, it continues to underscore the financial vulnerability of many households. Debts continue to build, as about one in five Saskatchewan and Manitoba residents went further into credit card debt (19%, -2pts) or have delayed or skipped a bill payment (16%) within the last year. One in 10 (13%) have reportedly sold their personal belongings to help make ends meet.

“Many delay seeking help because they’re embarrassed or worried about judgement — especially to maintain appearances in social circles — and end up relying on credit, which only deepens their financial struggles,” explains Meger. “A good first step in exploring all debt-relief options is speaking with a Licensed Insolvency Trustee. They offer free consultations with no strings attached and are legally required to provide impartial guidance on all the debt-relief options available, helping individuals regain control of their finances with a plan tailored to their unique situation.”

For those hesitant to seek help due to stigma, the first step can be as simple as gathering information. MNP offers free Do it Yourself (DIY) debt assessment tools. This online resource empowers Saskatchewan residents to assess their debt situation and explore potential solutions before contacting a professional for assistance. Additionally, for regular, bite-sized insights about managing personal finances and debt, Saskatchewan residents can subscribe to the MNP 3 Minute Debt Break Podcast, providing quick, actionable advice to help them better understand their options.

To provide Canadians with access to trustworthy debt advice, MNP’s extensive network of Licensed Insolvency Trustees also offers free consultations in over 200 offices nationwide, delivering personalized, local support, to help Canadians explore their options and start their journey to financial recovery.

About MNP LTD

MNP LTD, a division of the national accounting firm MNP LLP, is the largest insolvency practice in Canada. For more than 50 years, our experienced team of Licensed Insolvency Trustees and advisors have been working with individuals to help them recover from times of financial distress and regain control of their finances. With more than 240 offices from coast to coast, MNP helps thousands of Canadians struggling with overwhelming debt each year. Visit MNPdebt.ca to contact a Licensed Insolvency Trustee or use our free Do it Yourself (DIY) debt assessment tools. For regular, bite-sized insights about debt and personal finances, subscribe to the MNP 3 Minute Debt Break Podcast.

About the survey

The data was compiled by Ipsos on behalf of MNP LTD between December 6 and December 17, 2024. For this survey, a sample of 2,003 Canadians aged 18 years and over was interviewed. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.5 percentage points, 19 times out of 20, had all Canadian adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error and measurement error.