Albertans continue to face high levels of financial stress, with nearly half expressing concern about their current debt and persistent gaps in debt literacy leaving households vulnerable, according to a five-year national study by Ipsos for MNP LTD.The study found 45% of Albertans say they are worried about their current debt load, up 1% from 2020, while 44% regret the amount of debt they have accumulated over their lifetime, a 4-point increase over the same period. Confidence in long-term financial stability has improved modestly, but only 55% believe they will be debt-free by retirement, up 6 pts from 2020.Debt literacy gaps remain a concern. One in five Albertans (19%, down 5% from 2020) report they do not fully understand how interest rate changes affect their finances, indicating that many still struggle to grasp how borrowing costs can compound over time.“The results reinforce that debt literacy must remain a priority in Alberta. Knowing what you owe is only part of the picture,” said Lindsay Burchill, a Licensed Insolvency Trustee with MNP LTD. .“Even relatively small rate increases can gradually lengthen repayment periods and increase the overall cost of debt, creating pressure that may not be immediately obvious.”In response, MNP is marking Debt Literacy Month this March with a focus on “debt blind spots,” aiming to help Albertans identify financial vulnerabilities, understand how quickly circumstances can change, and prepare for life’s unexpected challenges.Burchill noted that sudden life events often act as turning points that either introduce new debt or exacerbate existing financial strain. “Debt literacy helps people recognize early pressure points, think critically about relying on credit, and explore options before financial stress becomes severe,” she said.The report shows that confidence in handling unexpected life events remains fragile. Albertans scored negatively on almost all scenarios tested, with preparedness for sudden income loss or expenses remaining weak. While some categories saw slight improvement since 2020, overall readiness continues to leave many households exposed to financial shocks.
