Over half of Sask. residents within $200 from insolvency at month-end: Survey
A growing number of Saskatchewan and Manitoba residents are entering 2019 with a dreary financial outlook, according to a quarterly consumer debt index.
The survey released Monday from national insolvency firm MNP Ltd. showed the proportion of those who are $200 or less away from financial insolvency at the end of the month jumped 14 per cent in December to 56 per cent from just 42 in September.
Forty-seven per cent of respondents said they will not be able to cover all living expenses in 2019 without going further into debt, and less than one-third are confident in their ability to cope financially if an unexpected life-changing event occurred.
Those in the two prairie provinces are the most likely to identify with being in this situation compared to residents in other provinces across the country. The number of residents in these jurisdictions who say they are feeling the pinch of rising interest rates also jumped four points since the last wave to 51 per cent.