New study: more than 50% of Manitoba residents receive less money than they need per month

A new study showed that more than 50% of Manitoba residents receive less money than they need for their monthly expenses. The residents of Saskatchewan also found themselves in a similar situation.

During the last survey, which was in September, only 14% of Manitoba residents complained that they were on the verge of financial insolvency. This figure has almost tripled now. The same survey showed that every third person in the province is not able to pay his bills in full. Accordingly, these residents are now 7% more than in the previous survey.

A licensed insolvency trustee at MNP, Tanya Reynolds, thinks that people need to look at their options.

“Looking at your options as far as what’s going to change in the near future that might improve your situation or are we looking at a situation where it might be time to maybe go and meet with someone and discusses our options going forward,” Reynolds explained.

Most residents of these two provinces believe that the biggest problem is the interest rate rise.

“It’s definitely having an impact,” Reynolds noted. “When interest payments were lower, the payment was more manageable. Now, when you’re sitting with debts with a variable interest rate, those payments are gradually going up.”

Also, Reynolds informed that interest rate will not change during the next year. In this regard, the most important thing that should be done by those people who find themselves in a difficult financial situation is to find a financial assistant who can suggest how to solve their problem.

MORE NEWS:Two Manitoba racist women took part in Indigenous mediation circle

financial insolvency difficult financial situation interest rate rise
If you notice an error, highlight the text you want and press Ctrl + Enter to report it to the editor
I recommend
No recommendations yet

Comments

Post your comment to communicate and discuss this article.

Society
Festival du Voyageur is going to start in the city on Friday, February 15. Due to the fact that the festival celebrated its 50th anniversary this year, it was decided to make a guitar that can reflect the history of the festival. Christian Dupont, a Franco-Manitoban luthier, was the master who was asked to make the instrument. "Since the festival is a celebration of music and culture, a guitar just fits in so perfectly," said Dupont. "We're celebrating 50...
Society
Winnipeg relationship expert said that attention to the partner can be shown not only by big gestures on Valentine's Day. Little things also matter. The expert explains that in order to show real feelings and to strengthen a relationship, it is not necessary to arrange a grand celebration on February 14th. “For couples who don’t want to follow that commercialization, you can honour this day by being mindful and telling each other why they love each other,”...
Society
On February 14, the atmosphere of love reigned in Winnipeg. Many residents of the city left the house to celebrate this day with their soulmate. Some Winnipeggers decided to tell their stories in honour of this wonderful holiday. Here are some of them: Evan Rogers met his girlfriend two years ago, that’s why he loves this holiday so much. “She made me this heart-shaped thing filled with chocolates and special stuff filled with memories,” he said. Diana Bro...
Society
Two years ago, Winnipeg Transit driver was killed on St. Valentine's Day. Two weeks ago, the killer was convicted. After his death, Winnipeg Transit drivers displayed Rest In Peace banners on their buses to show love and memory. However, this year, they were told not to do this. The Union is shocked by the situation. "It is petty, as far as I'm concerned. It's very petty. It's a kick when somebody's down. It's not the right thing to do at this time. We tho...
Society
Hundreds of city inhabitants took to the streets to show their love for missing or murdered Indigenous girls and women on St. Valentine's Day. Many of them were holding posters depicting a butterfly, the names and dates of the disappearance or death of people from their family. This event has been held for over 50 years in different cities of the country on St. Valentine's Day. "We are walking for our community and we're walking for our loved one: My grand...
Society
The organization, headquartered in Winnipeg, explained that at the moment thrift sales are as low as never. "This is somewhat of a wake-up call for us to make sure that we are on our toes," executive director Rick Cober Bauman said. "Certainly there is a lot of competition in the second-hand industry." Cutting of programs will affect also staff positions. At least three coordinator positions will be closed in Winnipeg. Aileen Friesen, an assistant professo...
Society
The Winnipeg Symphony Orchestra hopes that the government will be able to allocate $2.6 million to repair acoustical shell. At the moment the acoustical shell is in a disastrous state and the director has repeatedly asked for help. "The lack of a functional shell is really desperate," Trudy Schroeder, WSO executive director, said. "We've been waiting, we've been very patient." Schroeder even went on stage to ask for help from the audience. The woman asked...
Society
Girls from Balmoral Hall School in Winnipeg learned Indigenous culture better on Wednesday, February 13. The event was held with the help of Winnipeg's Indigenous community and local charity 1JustCity. "It was an honour for me to do that, to be invited here to do the teachings," said 1Justcity volunteer. "It's a great honour to provide that information for students that haven't heard that before, and can see the values and the customs that belong to our tr...
Society
Winnipeg women's shelters feel care and love from Sikh community. Thanks to this, women will feel that they are not alone. On Wednesday, members of Sikh community were preparing packages to send to women who became victims of domestic violence. The packages contain hygiene products, chocolates, and baked goods. In total, more than 100 packages were created. "There's definitely a lot of love going into the packages," said Imreet Kaur, leader of the project....