Survey: Nearly half in Manitoba, Saskatchewan on the financial brink

A new report is shedding light on just how close many Manitobans are to financial ruin. Jeff Keele explains.

With groceries, gas, and rent to pay for, Simran Singh is working two jobs to provide for himself.

“I haven’t slept for like two days, yeah, I haven’t slept for two days, and I’ve been having coffee, coffee, coffee.”

Despite the double income, Singh said he’s still having trouble getting by.

“I can’t meet my ends at the end of the month,” said Singh. “I’m still in debt, still borrowing money from people.”

He’s not the only one feeling the pinch.

A new MNP consumer debt report done by Ipsos said in Manitoba and Saskatchewan, nearly half, 49 per cent of people, say they are $200 or less away from not being able to pay their bills or their debt payments at the end of the month. That’s a four-point increase from last quarter. Thirty per cent say they are already insolvent, an 11-point jump.

Tanya Reynolds from MNP LTD in Winnipeg said almost half of Manitobans are feeling desperate about their finances. She said top of mind for people are the cost of living and interest rates.

“We just came out of the holiday season, and that has its own impact on everyone and everyone’s budget going forward,” said Reynolds.

Jillian Taylor-Mancusi from LC Taylor, a licensed insolvency trustee, said they’re seeing more people coming in asking how to get out of debt.

“In 2024 in Manitoba, there were over 3,500 people that filed either bankruptcy or proposals to their creditors, about a five per cent increase over 2023,” said Taylor-Mancusi.

She said the first thing people can do to get a hold of their finances is to look at their spending.

“People have no idea where their money is going, but if they were able to start keeping track, even just the bare bones of a budget, then they’ll see where their money is going and see if there are any holes that they can tighten up,” said Taylor-Mancusi.