A recent poll shows more than half of Saskatchewan and Manitoba residents are not far away from financial insolvency.
The Ipsos Poll, conducted by Meyers Norris Penny (MNP), found 56 per cent of Saskatchewan and Manitoba residents are within $200 of financial insolvency after paying their debts and monthly bills - a jump of 14 points since September and the highest rate in the country.
Thirty-six per cent say they already don’t earn enough to cover their bills and 47 per cent say they expect to incur more debt over the next year just to cover basic family and living expenses.
Fewer than one in three believe they could financially handle an unexpected expense or life-changing event.
“Much of this turmoil boils down to higher interest rates, which have increased the costs to service debt and pushed Saskatchewan and Manitoba budgets to the limit,” Meyers Norris Penny said in a press release.
“With little to no room left over after expenses, households are struggling to tackle the principal value and reduce their debt.”
The quarterly poll measures the thoughts of Canadians on their debts and paying their bills. The latest data was compiled Dec. 7 to 12. The poll is accurate to within +/- 2.4 percentage points 19 times out of 20.
