41% of Albertans stressed or anxious about finances: report

Folks in Alberta, more than any other province, say they are stressed or anxious about their financial standing.

A new report suggests three out of ten Albertans don’t make enough to cover their bills or debt payments, feeling like they have to put their lives on hold to extinguish one financial fire after another because of unexpected costs.

According to a survey done by Ipsos for accounting firm MNP, nearly four in ten Albertans say their finances are a source of stress and anxiety. That number is the highest of all Canadian provinces.

Even more concerning, the number of Albertans who say they’re less than $200 away from being short on cash owed to bills and debt every month which is almost half of those in the survey.

An Edmonton-based insolvency trustee says that since the pandemic, more people are losing faith in their ability to recover.

“There has been a real shift in the mindset of individuals coming in, and their ability to manage all of it. It’s been an incredibly long period of time, and we are really seeing people struggle,” said Sandra Landry, a licensed insolvency trustee with MNP.

Alberta already has the lowest taxes in all of Canada, but Landry says many people need quick interest rate cuts just to have a chance at balancing their books.

She adds that a big enough change is unlikely to happen in the coming year.

“The reality is that Albertans are going to have to start taking a few more critical actions to change their own financial future,” said Landry.

CityNews spoke to Edmontonians on Whyte Avenue to see what they’ve been cutting from their budget to save money. 

“I’m going to live with my parents for a little bit to save some cash,” said one Edmontonian.

Another saying, “I sold one of my basses, got about $700 for it.”

Some have had to make lifestyle changes.

“I can’t smoke anymore. I had to quit that. $22 for a pack of smokes is crazy,” said an Edmontonian.

Another saying, “I’ve had to cancel a few subscriptions and also cut out some plans.”

Albertans will hold onto more of their money in 2025, after the province cut the personal income tax rate on the first $60,000 to 8 per cent, estimated to save each person up to $750 per year.