A new report claims that Albertans are increasingly worried about their finances. (Photo: Dreammediapeel | Dreamstime.com)

By David Opinko

43% of Albertans $200 away from being unable to pay bills & debt

Jan 13, 2025 | 9:48 AM

Albertans are growing more worried about the state of their personal finances and where they see things going in the future.

That is according to a new report from MNP.

Their latest Consumer Debt Index has found that 43 per cent of Albertans (down one point over the last quarter) are $200 or less away from insolvency. The proportion of residents who are already insolvent increased by around one-third this quarter.

Albertans are also among the most likely Canadians to be concerned about their ability to repay debts (57 per cent), rising by 14 per cent. That is the largest increase among all provinces.

Just over half (51 per cent, +12 points) are concerned that rising interest rates could move them towards bankruptcy, while two in three (67 per cent, down two points) say they “desperately” need interest rates to go down.

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Licensed Insolvency Trustee with MNP Lindsay Burchill says last year’s interest rate cuts may have provided some initial reprieve from financial stress, but many Albertans are entering 2025 with a bleaker outlook.

“Holiday bills can put additional pressure on households. Additionally, concerns about potential policy changes such as tariffs and the threat of layoffs may be further fueling financial anxiety across the province,” says Burchill.

Nearly half of Albertans surveyed (47 per cent, down six per cent) believe they will not be able to cover all of their living and family expenses over the next year without going into further debt.

Approximately 42 per cent (up eight points) say they are worried that they or someone in their household could lose their job.

Burchill recommends that anybody who is seriously concerned about their financial situation contact a Licensed Insolvency Trustee or financial advisor.