Debt Literacy Month: More than two in five Saskatchewan and Manitoba residents regret their debt as persistent debt blind spots leave many financially vulnerable

Five years of national data show financial resilience remains constrained, with debt literacy challenges leaving many Saskatchewan and Manitoba residents vulnerable to financial shocks and the long-term impact of borrowing costs.

REGINA, SK – March 2, 2026 – Five years of national tracking data, compiled by Ipsos on behalf of MNP LTD, show that debt concern and regret are elevated, financial preparedness remains fragile, and debt literacy lags as financial pressures persist.

Nearly half of Saskatchewan and Manitoba residents (46%, +6 pts vs. 2020) say they are concerned about their current level of debt. More than two in five (44%, +3 pts vs. 2020) regret the amount of debt they have taken on. However, confidence in long-term financial stability has strengthened compared to five years ago. More than half of Saskatchewan and Manitoba residents (54%, +12 pts vs. 2020) believe they will be debt-free in retirement, suggesting a potential disconnect between current financial strain and expectations for long-term stability.

While borrowing has become more common amid cost-of-living pressures, many Saskatchewan and Manitoba residents remain unclear on how interest works in practice and how rate changes affect their financial position. A quarter (26%, +2 pts vs. 2020) say they do not have a solid understanding of how interest rate increases impact their financial situation, the highest proportion among all provinces. This indicates that significant knowledge gaps remain.

“While more individuals feel optimistic about being debt-free in retirement, concern and regret about current debt remain elevated. The contrast underscores why debt literacy remains important,” says Pamela Meger, a Licensed Insolvency Trustee with MNP LTD in Regina. “A higher share of residents in Saskatchewan and Manitoba say they are unsure how rate increases affect their finances. This can make it harder to fully connect today’s borrowing costs with long-term repayment timelines. Having a clear understanding of how interest compounds, how rate changes affect monthly budgets, and how repayment can extend over time is critical to ensuring that long-term goals align with present-day realities.”

MNP is marking Debt Literacy Month this March with a focus on debt blind spots, helping Saskatchewan and Manitoba residents better understand where their financial vulnerabilities exist, how quickly circumstances can change, and why planning for unexpected life events matters.

“Sudden events often lead households into debt or make existing debt harder to manage,” says Meger. “Debt literacy helps Saskatchewan and Manitoba residents recognize early warning signs, think carefully about additional borrowing, and understand their options before financial challenges escalate.”

Saskatchewan and Manitoba residents generally report feeling less equipped to handle unexpected life events compared to five years ago, as unresolved debt blind spots leave households more vulnerable when unexpected income loss or expenses occur. The most recent data shows that Saskatchewan and Manitoba residents recorded negative confidence scores for every unexpected life event tested — and most of those scores have worsened since 2020. This underscores that many of the same risk-readiness blind spots persist today.

Source: Ipsos on behalf of MNP LTD

Caption: In a side-by-side comparison of 2020 and 2025, Saskatchewan and Manitoba residents’ net confidence in coping financially with unexpected life events is lower across most categories, and all measures now fall in negative territory.

Sudden financial shocks such as paying for someone’s education (-21%, -10 pts vs. 2020), job loss (-13%, -7 pts vs. 2020), the death of an immediate family member (-12%, +4 pts vs. 2020) an illness preventing work for at least three months (-10%, +1 pt vs. 2020), and relationship changes such as divorce or separation (-6%, -3 pts vs. 2020) showed the greatest vulnerability. Unexpected auto repairs or vehicle purchase (-2%, -5 pts vs. 2020) dropped into negative territory.

Taken together, the findings suggest that while Saskatchewan and Manitoba residents recognize these risks, many have low confidence in their ability to absorb them in practice, particularly in today’s higher-cost environment.

“Relationship breakdowns and job loss or income disruptions frequently contribute to debt becoming difficult to manage,” says Meger. “Financial shocks can quickly lead households further into debt, particularly when credit is already being used to manage everyday expenses. Seeking professional guidance early can help individuals understand their options and prevent a temporary setback from developing into a longer-term debt problem.”

Gaps in debt literacy, such as how interest rate increases impact personal finances, can compound financial risk over time. This can make it harder to stay prepared for unexpected life events. When people underestimate how quickly interest adds to their balances, a sudden life shock can turn manageable debt into something more difficult to handle.

“The effects of interest on debt are not always apparent from one month to the next, but over time they can materially increase what is owed,” says Meger. “If the cumulative impact of compounding interest isn’t fully understood and built into repayment planning, balances can take longer to pay down and ultimately cost more than expected. Even modest rate increases can change how quickly balances are reduced. As interest builds gradually, it can be easy to underestimate how serious a situation is becoming, and individuals may delay seeking debt help until it becomes more difficult to manage. That’s why having access to clear, unbiased debt advice is especially important.”

Closing debt blind spots and finding the right support

1. Calculate the true cost of your debt, not just the balance.
   Do not focus only on what you owe today. Use an amortization calculator to determine how much interest you will pay over time, especially if you are making only minimum payments.
2. Stop relying on minimum payments as a strategy.
   Minimum payments often extend repayment for years or even decades. Paying more than the minimum whenever possible helps reduce the long-term impact of compounding interest.
3. Build a financial buffer.
   Start with a goal of one month of essential expenses. Even small emergency savings can reduce reliance on high-interest credit during unexpected events.
4. Review your repayment timelines, interest rate type, and exposure.
   Revisit your debt plan each year to ensure you remain on track and are not drifting further from repayment due to compounding interest. Know which debts are variable, fixed, promotional, or nearing the end of an introductory period. Blind spots often arise when low rates expire.
5. Use free assessment tools to benchmark your situation.
   If you are hesitant to seek in-person advice, start with objective tools to evaluate whether your current repayment path is sustainable. Free online Do-It-Yourself debt assessment tools allow users to better understand their situation.
6. Separate lifestyle normalization from financial reality.
   Borrowing may feel common, but that does not make it low risk. Normalize reviewing your debt regularly rather than carrying it indefinitely.
7. Create a written ‘what if’ plan.
   Outline how you would respond to job loss, illness, or a major expense. Having a plan in place reduces reactionary borrowing decisions.
8. Seek guidance from a Licensed Insolvency Trustee.
   Licensed Insolvency Trustees are the only federally regulated professionals in Canada who can assist with all the debt relief options, including Consumer Proposals and Bankruptcy, stop harassment from debt collectors, and discharge people from debt. In many cases, they help indebted individuals explore alternatives to Bankruptcy and regain financial stability. This often includes clarifying how interest compounds over time, how minimum payments affect overall balances, and realistic timelines for becoming debt-free.
9. Do not wait until the situation feels urgent.
   Many people delay seeking help until financial pressure feels overwhelming. Speaking with a Licensed Insolvency Trustee early typically means more available options and greater flexibility. Life shocks such as job loss, illness, or relationship changes can occur without warning. Having a conversation with a Licensed Insolvency Trustee sooner can help prevent a temporary setback from becoming a long-term financial crisis.

“Speaking with a Licensed Insolvency Trustee can provide clarity and practical next steps when debt begins to feel overwhelming,” says Meger. “We assess each person’s full debt situation, explain all of the options available, and work collaboratively to develop a plan that supports long-term financial stability.”

MNP’s national team of Licensed Insolvency Trustees offers free consultations across the country to help severely indebted Canadians get unbiased debt advice, understand their rights, and determine the best path forward.

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 each year who are struggling with an overwhelming amount of debt. 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

Now in its thirty-fifth wave, this tracking, which has been conducted since 2017, measures Canadians’ attitudes toward their consumer debt, confidence in managing household finances, and aspects of their debt literacy. The survey provides evidence-based insights that support broader efforts to improve debt literacy. This includes identifying gaps in understanding, determining where financial vulnerabilities may exist, and helping Canadians better understand and manage their household debt.

The data was compiled by Ipsos on behalf of MNP LTD between November 28 and December 1, 2025. For this survey, a sample of 2,001 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 ±2.7 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.