Many Canadians are facing tough "heat or eat" decisions right now, according to a report from the MNP Consumer Debt Index.
The numbers in the October report show that three in 10 Ontarians have reduced their utility consumption, with just over a quarter saying they're eating less to save money. Those numbers are nearly identical nationally.
Ontarians are also the most likely to delay or skip medical, dental, or prescription care due to financial strain, with 23 per cent saying they're holding off on appointments.
Nearly half of Ontarians are within $200 of insolvency each month, with the average amount left after monthly expenses falling by $159 to $725, according to the report, with the numbers virtually the same on a national scale.
Also, more than two in five Ontarians are worried AI could affect their job or income, and fewer than half, or 44 per cent, report having six months of emergency savings.
"We’re seeing more Ontarians having to make cutbacks that affect their quality of life," says Caryl Newbery-Mitchell, a Licensed Insolvency Trustee with MNP LTD in Toronto. "When families are forced to reduce spending on food, heating, or even medical care, it’s no longer just about tightening the budget, it’s about making impossible choices that directly affect health and well-being."
"Some households are stretched so thin that even basic expenses feel overwhelming," says Grant Bazian, president of MNP LTD, the country’s largest insolvency firm. "When people are cutting back on food, heat, or medical care, it’s not just about budgeting anymore — it’s about day-to-day survival. That level of strain takes a huge emotional toll."
