Albertans cutting back on activities as 52% report falling $200 short each month

Albertans are cutting back on discretionary spending as new research shows the province is facing deeper financial strain than the rest of Canada.

According to an MNP Consumer Dept Index survey of 2,000 Canadians conducted between June 11 and 16, 67 per cent of Albertans are cutting back on family activities, personal enrichment, dining and social and travel experiences. Fifty-two per cent of the province reported being most likely to say they are $200 short on bills each month.

"For some Alberta households, the challenge is no longer just making a paycheque last," says Sandra Landry, a Licensed Insolvency Trustee with MNP LTD in Alberta. "It is that the next paycheque is already allocated to bills, debt payments and regular expenses before it even arrives. That can keep payments current for a while, but it can also create a rolling shortfall."

The research also found that 27 per cent of Albertans felt worse about interest rate increases compared to 21 per cent who felt better. Unlike any other province, 66 per cent of Albertans say interest rates need to come down. Resources for residents struggling with debt in the region include MNP debt counselling, Credit Counselling Society and Licensed Insolvency Trustees.