Nearly two-thirds of Saskatchewan and Manitoba residents have cut spending or postponed major purchases as they take steps to safeguard their finances amid economic uncertainty

• Concern over rising interest rates nears record high (58%, +5 pts).
• Two in five Saskatchewan and Manitoba residents brace for increased housing costs (43%).

REGINA, SK – April 14, 2025 – Saskatchewan and Manitoba residents are taking steps to safeguard their finances amid ongoing economic uncertainty. Nearly two-thirds say they have cut back on spending due to economic uncertainty (63%) and are delaying major purchases or investments (66%), according to the latest MNP Consumer Debt Index.

The majority of Saskatchewan and Manitoba residents (75%) say economic uncertainty has made them more cautious about taking on new debt. More than half (53%) express heightened concern about their ability to pay off debt due to ongoing uncertainty. This concern extends to broader financial stability, with a third worried about the possibility of someone in their household losing their job (35%, +7 pts). More this quarter regret the amount of debt they have taken on (49%), rising eight points. However, a higher proportion this quarter believes they will be able to cover their living expenses in the next year without needing more credit (62%, +5 pts).

“Saskatchewan and Manitoba residents are feeling slightly more positive about their financial outlook, following two interest rate cuts from the Bank of Canada this year. However, pessimism around their debts remains,” explains Pamela Meger, a Licensed Insolvency Trustee with MNP LTD in Regina. “Economic uncertainty continues, particularly surrounding U.S. tariffs. The on-again, off-again nature of these tariffs may be leaving households with mixed feelings about where they stand financially — especially as their full impact on household budgets may not have materialized yet.”

The proportion of Saskatchewan and Manitoba residents concerned about the impact of rising interest rates nears the highest level on record (58%, +5 pts). Additionally, more Saskatchewan and Manitoba residents this quarter are worried about their ability to repay their debts, even if interest rates decline (42%, +6 pts). However, concerns about some impacts of interest rates have improved, due in part to the interest rate reductions this year. More than a quarter of Saskatchewan and Manitoba residents (27%, +5 pts) now feel better equipped to absorb an interest rate increase of one percentage point. The percentage (16%) who feel less prepared to handle such an increase has dropped by a significant 13 points — marking the largest improvement amongst all the provinces. Nearly two in five (38%, -9 pts) continue to worry about being in financial trouble if interest rates rise, and a third (32%, unchanged) fear that rising interest rates could push them toward Bankruptcy.

“Lower interest rates, alongside the adjustments households have made to their budgets, appear to be giving some a bit of room to breathe,” says Meger.

Reflecting this shift toward financial caution, Saskatchewan and Manitoba residents are the most likely of those in all the provinces to rate their personal debt situation positively this quarter (45%, +1 pt), while fewer rate it negatively (18%, -4 pts). Nearly half (49%) of Saskatchewan and Manitoba residents say they are relying more on financial advice and planning due to the uncertain economic environment.

“Seeing the improvements since last quarter, individuals seem to have taken proactive steps to cut their spending and lean less on credit as they prepare for potential financial pressures ahead,” says Meger.

Fewer Saskatchewan and Manitoba residents this quarter (41%, -8 pts) report being $200 or less away from financial insolvency. This is due to fewer saying they are already financially insolvent (26%, -4 pts).

“Four in 10 Saskatchewan and Manitoba residents continue to say they’re dangerously close to insolvency, with more than a quarter reporting no financial buffer or flexibility in their budgets. Many may find it difficult to manage rising living expenses, housing costs, or a sudden income loss without a financial cushion," says Meger.

Two in five (43%) Saskatchewan and Manitoba residents say they are bracing for an increase in housing costs within the next year.

"Many households in the region will soon be renewing their mortgages, likely at much higher rates, while others may face rising rents. These escalating housing costs — combined with ongoing economic uncertainty — could be more than financially stretched households can manage," says Meger.

Meger says that there is help for those struggling to manage debt repayment, missing monthly payments, or simply unable to make ends meet.

“Licensed Insolvency Trustees can offer objective, non-judgmental advice to help individuals make informed choices about how to navigate immediate financial pressures and plan for long-term debt management during times of financial instability,” says Meger.

Licensed Insolvency Trustees play a vital role in helping Saskatchewan and Manitoba residents navigate financial challenges and make informed decisions about managing their debt. Seeking guidance from a Licensed Insolvency Trustee can provide individuals with a clear understanding of their debt relief options in an unpredictable financial landscape. Licensed Insolvency Trustees provide free consultations to help individuals assess their financial situation, understand their options, and create customized plans to regain control of their finances.

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. Licensed Insolvency Trustees are the only federally regulated debt professionals who can assist with all the debt relief options, including Consumer Proposals and Bankruptcy, stop harassment from debt collectors, and discharge people from debt.

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 MNP Consumer Debt Index

The MNP Consumer Debt Index measures Canadians’ attitudes toward their consumer debt and gauges their ability to pay their bills, endure unexpected expenses, and absorb interest-rate fluctuations without approaching insolvency. Conducted by Ipsos and updated quarterly, the Index is an industry-leading barometer of financial pressure or relief among Canadians.

Now in its thirty-second wave, the Index has rebounded to 88 points, up nine points since last quarter. Visit MNPdebt.ca/CDI to learn more.

The data was compiled by Ipsos on behalf of MNP LTD between March 11 and March 14, 2025. For this survey, a sample of 2,000 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.