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56% Report ‘Financial Whiplash’ as 73% Say Rising Food and Gas Prices Are Straining Their Finances, While 75% Are More Cautious About Taking on Debt
WINNIPEG, MB – April 13, 2026 – Many Manitoba and Saskatchewan residents are feeling the effects of ongoing economic uncertainty as conditions continue to evolve, reshaping household behaviours. According to the latest MNP Consumer Debt Index conducted quarterly by Ipsos, more than half (56%) say they are experiencing ‘financial whiplash’ as shifting conditions repeatedly disrupt their financial plans, while nearly three-quarters (73%) say rising prices for essentials like food and gas are straining their finances. Against this backdrop, two-thirds (66%) say they are cutting back on spending, and three-quarters (75%) are more cautious about taking on new debt, as ongoing cost pressures and uncertainty drive conservative financial decision-making.
These pressures are also shaping how Manitoba and Saskatchewan residents view their financial progress and future plans. Nearly three in five (57%) say they feel they are working harder financially but not getting ahead, while two-thirds (67%) say they are delaying major financial decisions because conditions feel unpredictable.
“Households across Manitoba are navigating conditions that can shift quickly, making it more difficult to plan ahead with confidence,” explains Tanya Reynolds, a Licensed Insolvency Trustee with MNP LTD in Winnipeg. “With costs of everyday items still high and broader global uncertainty largely outside of an individual’s control, this can create a sense of ‘financial whiplash’ that complicates decision-making and makes it harder to stay financially on track.”
Manitoba and Saskatchewan residents’ net personal debt rating edged up slightly from the previous quarter to 15 points (+1 pt), remaining relatively stable and suggesting little overall change in how individuals view their debt situation. Compared to a year ago, one in five Manitoba and Saskatchewan residents (19%, -6 pts) say their debt situation has improved, while nearly one in five (17%, -2 pts) say it has worsened. The sharper decline in those reporting improvement suggests fewer residents have seen meaningful financial progress over the past year, even as fewer also report their situation worsening. Together, this points to a financial environment where progress remains gradual for many households, as they continue to navigate an endurance economy where financial challenges persist without a clear endpoint.
Financial pressures remain uneven as many households still face limited flexibility
The average amount Manitoba and Saskatchewan residents have left at month-end has risen to $916, up from $785 last quarter, suggesting improvement for some households in overall financial flexibility. However, these gains are not being felt equally across all households, and while some indicators have improved, financial vulnerability remains for many. Two in five (41%, -9 pts) say they are within $200 or less of not being able to meet their monthly financial obligations, while one in five (21%, -11 pts) say they already do not earn enough to cover their bills and debt payments.
While the Bank of Canada’s recent decision to hold its key rate at 2.25% may ease distress for some Manitoba and Saskatchewan residents, about three in five (58%, -4 pts) still say they need interest rates to come down. With the future direction of rates remaining uncertain, nearly half (48%, -6 pts) fear financial trouble if rates rise, and one-third (34%, -13 pts) are concerned rising rates could move them toward bankruptcy. Nearly half (45%, -2 pts) say that even if rates decline, they remain concerned about their ability to repay their debts. Even small increases in interest rates could have an impact, as just one in five (19%) say they could absorb an additional $130 in monthly interest payments, while three in 10 (29%) say they could not.
“There is still a degree of uncertainty about where interest rates may go next, even as they hold steady for now,” says Reynolds. “For those already managing tight budgets, there may be limited capacity to absorb higher borrowing costs, particularly if conditions change again.”
Tax season highlights ongoing financial strain for Manitoba & Saskatchewan Residents
These financial pressures are also reflected in how Manitoba and Saskatchewan residents are approaching tax season.
One in 10 Manitoba and Saskatchewan residents (12%) say they expect to owe taxes they are unable to pay. This includes six percent who will delay paying, as they need more time to figure out how they will come up with the funds, and a similar share (6%) who say they will need to borrow or go into debt to meet their obligations. Seven percent say they expect to owe and will be able to pay, but will need to dip into savings or money set aside for other purposes to pay it.
“For some Manitobans, tax season can highlight where finances are already stretched,” says Reynolds. “While some may be able to use a refund to catch up or reduce debt, others may need to rely on savings or additional credit to meet their tax obligations, which can add further strain.”
Reynolds says that turning to additional debt to cover expenses and obligations can be an early sign that financial pressures are coming to a head, and that it may be time to take a closer look at your financial situation.
“When finances start to feel uncertain or out of your control, it can be overwhelming to know what to do,” says Reynolds. “If someone is relying on credit or stretching their budget to keep up with basic expenses, it can be a useful point to pause and reassess. Regardless of what’s happening in the economy, there are still steps individuals can take to better understand their finances, including reviewing what’s coming in, what’s going out, and identifying where there may be opportunities to ease some of the pressure.”
“Speaking with a Licensed Insolvency Trustee can help individuals better understand their situation and what options are available to them,” Reynolds adds. “These conversations are designed to provide clarity and practical guidance in a supportive, non-judgmental environment, helping people move forward with greater confidence.”
Licensed Insolvency Trustees are the only federally regulated debt professionals in Canada and are required to review an individual’s full financial situation and explain all available options. They work with individuals to understand their unique circumstances and explore a range of solutions, from adjusting payment plans and negotiating with creditors to formal debt relief options such as consumer proposals or bankruptcies, offering clear, unbiased guidance so Manitobans can move forward with greater confidence and without judgment.
With more than 200 offices nationwide, MNP’s team of Licensed Insolvency Trustees offer local, personalized, and non-judgmental support to help Canadians understand their financial options and move forward with clarity during periods of financial uncertainty.
About MNP LTD
MNP LTD, a division of the national accounting firm MNP LLP, is the largest insolvency practice in Canada. For more than 50 years, our experienced team of Licensed Insolvency Trustees and advisors have been working with individuals to help them recover from times of financial distress and regain control of their finances. With more than 240 offices from coast-to-coast, MNP helps thousands of Canadians each year who are struggling with an overwhelming amount of debt. Visit MNPdebt.ca to contact a Licensed Insolvency Trustee or use our free Do-it-Yourself (DIY) debt assessment tools. For regular, bite-sized insights about debt and personal finances, subscribe to the MNP 3-Minute Debt Break Podcast.
About the MNP Consumer Debt Index
The MNP Consumer Debt Index measures Canadians’ attitudes toward their consumer debt and gauges their ability to pay their bills, endure unexpected expenses, and absorb interest-rate fluctuations without approaching insolvency. Conducted by Ipsos and updated quarterly, the Index is an industry-leading barometer of financial pressure or relief among Canadians.
Now in its thirty-sixth wave, the Index is holding steady since last quarter at 87 points. Visit MNPdebt.ca/CDI to learn more.
The data was compiled by Ipsos on behalf of MNP LTD between March 10 to 11, 2026. For this survey, a sample of 2,000 Canadians aged 18 years and over was interviewed. Weighting was then employed to balance demographics to ensure that the sample’s composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.7 percentage points, 19 times out of 20, had all Canadian adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
