Majority of Manitobans ‘regret’ amount of debt they’ve taken on, survey says

A majority of Manitoba and Saskatchewan residents are concerned about their debt and their ability to pay it off, according to a new survey by debt company, MNP.

Sixty-four per cent of Saskatchewan and Manitoba residents surveyed said they are living within $200 a month of being unable to pay their bills and debt payments.

According to the survey, regret about debt is strongest in Saskatchewan and Manitoba compared to other provinces (59 per cent). This is followed closely by the Atlantic provinces (58 per cent), Alberta (53 per cent) and Ontario (50 per cent).

RELATED: Winnipeg’s wealthiest carry more debt, less risk of bankruptcy: report

Forty-three per cent of parents in Saskatchewan and Manitoba said they spent more than budgeted on back-to-school shopping for their kids, while 38 per cent “agree” they spent over budget on recreation or vacations during the summer.

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Other findings

  • Debt concerns are much stronger among middle-aged Canadians; 60 per cent of GenXers are concerned about their debt situation, compared to 52 per cent of Millennials and 43 per cent of Baby Boomers.
  • Concern about the potential for rising interest rates has increased among Canadians. Thirty-eight per cent say they are concerned an increase in interest rates could move them towards bankruptcy, compared to only 31 per cent back in February 2016.

RELATED: Household debt hits record levels says Statistics Canada

The poll, which was conducted by Ipsos, which surveyed 1,502 Canadians via online on Sept. 6 and Sept. 12.

According to Ipsos, the poll carries a margin of error of +/- 2.9 per cent, 19 times out of 20.

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