Yet Another Survey Reveals Albertans’ Financial Strain… So What Now?

Nearly half of Albertans say they are $200 or less away from financial insolvency.

It has become an all-too-familiar story in Alberta: a survey is released that shows Albertans are under severe financial strain.

The latest MNP Consumer Index reveals that 41 percent of polled Albertans report being anxious about their financial situation. This is five points above the Canadian average of 36 percent.

In the words of Sandra Landry, licensed insolvency trustee with MNP in Edmonton:

“It’s not always low income; it’s not always people who have spent too much or (have a) frivolous lifestyle.”

The report shows several other worrying issues:

• Two in five Albertans are concerned that rising interest rates could drive them toward bankruptcy.
• That same amount is also feeling more cautious with how they manage their money due to current financial pressures. Albertans top the list in this category.
• Nearly half of Albertans (47 per cent) say they are $200 or less away from financial insolvency, up slightly from the last report.
• Even if interest rates go down, many Albertans (46 per cent) remain concerned about their ability to repay debt.

These findings don’t come as a surprise to UFCW Local 401. As Secretary Treasurer Richelle Stewart says:

“Our union has been sounding the alarm about the cost-of-living crisis in Alberta for some time now. It’s a crisis we share with the country as a whole. But Albertans consistently face the most damaging impacts of any province.”

President Thomas Hesse is emphatic about the importance of his issue in bargaining, saying:

“We are acutely aware of the effects that the affordability crisis is having on our members’ physical and mental health. This has been a key issue for us in bargaining at multiple workplaces. Not only will we continue to push these issues with employers, we are going to push harder and shout louder as we move forward.”

These Anxieties Are Nothing New

Sadly, the anxieties reported in the latest MNP Consumer Index are nothing new. Albertans have been expressing these kinds of fears for years, and they’ve only gotten worse.

An MNP survey back in 2022 reported Albertans being worried about their finances. At that time, more than two in five Albertans said they were less than $200 away from being unable to meet their financial obligations each month.

At the Centre for Future Work, economist Jim Stanford — a good friend of Local 401 who appeared at our first Bargaining Conference in the fall of last year — put together a 2024 report on Alberta’s Disappearing Advantage in wages.

In that report, Stanford noted that many workers in our province were facing an historic decline in real wages “of as much as 10% since 2020.” The decrease in Albertans’ purchasing power, combined with inflation, has been at the core of the affordability crisis.

And just six months ago, MNP reported that a third of Albertans are already facing bankruptcy.

As Jim Stanford has noted, part of the solution to this crisis is political:

“Albertans must press their government to commit to repairing and improving real wages as a top priority in its economic policy.”

Your union has also dedicated itself to doing everything we can in major bargaining to stop the squeeze of the affordability crisis.

What It Means for Bargaining

Your union has been at the forefront of an unprecedented effort in Alberta’s labour movement to build solidarity and to base bargaining on unapologetic demands that meet our members’ needs.

We have joined with fellow unions and the Alberta Federation of Labour to build an initiative called the Common Front, made up of over 300,000 Alberta workers.

The Solidarity Pact adopted by the Common Front means unions will be there to support each other in putting pressure on employers and governments to protect your wages and your rights during this time of unique uncertainty.

At the negotiating table, we begin each round of bargaining with an unapologetic demand. It’s not about vague discussion of “significant wage increases,” but about specific numbers that solid research shows will help our members do more than just scrape by.

As President Thomas Hesse says:

“You have told us over and over again about the impact of the affordability crisis on your life and your ability to make ends meet. Not being able to pay your bills or afford to shop where you work puts a tremendous strain on households and families.”

President Hesse adds:

“We aren’t content with just raising the alarm about this crisis. We have placed this reality at the heart of our entire approach to bargaining, and we’re focused on delivering results for our members.”

Stay tuned for further developments regarding major bargaining, and check your email for important updates.

This is your union, and it’s your voices that drive what we do. If you’d like to weigh in on bargaining priorities at your workplace, we’d like to hear from you. Please reach out to your Union Labour Relations Officer to share your thoughts!

Posted on: July 18,2025