Economic uncertainty, concerns about artificial intelligence and the lingering pressure of higher living costs are leaving many working Ontarians worried about their financial future, according to a new survey released by insolvency firm MNP.
The latest MNP Consumer Debt Index found many Canadians are concerned about job security and income stability as trade disputes, tariffs and technological change continue to reshape the labour market. The survey suggests those concerns are prompting more people to look for additional sources of income, from selling items online to taking on freelance work or second jobs.
Caryl Newbery-Mitchell, a Licensed Insolvency Trustee with MNP in Barrie, said the findings reflect what she is hearing from clients across the province.
"What we are finding, and what we found in our survey, is that from working Ontarians, and I want to emphasize that if working Ontarians, they are really worried," Newbery-Mitchell said in an interview. "They're worried about job mobility and opportunities in the current labour market. They're worried about how AI may negatively affect their employment and their income. They're worried about tariffs and the trade disputes and this sort of general economic uncertainty."
According to the survey, 55 per cent of working Canadians are concerned about job mobility and career opportunities, while 42 per cent worry artificial intelligence could negatively affect their employment or income. More than half say they would not have enough savings to support themselves or their families for six months if they lost their job.
Listen below to our interview with Caryl Newbery-Mitchell of MNP in Barrie.
While economic downturns and recoveries are nothing new, Newbery-Mitchell said many households are feeling pressure from several directions at once.
"We've got the tariffs, trade disputes, broader economic uncertainty," she said. "But for a while now, we've also had the cost of living. While inflation isn't rising as quickly as it was before, costs haven't gone down."
Those concerns appear to be changing how people manage their finances. Nearly half of Canadians surveyed said they have tried to earn extra income through side hustles, second jobs, freelance work, online sales or by learning new skills to improve future earning potential.
In Ontario, Newbery-Mitchell said many people are proactively looking for ways to protect themselves against future financial shocks.
"Ontarians are taking things into their own hands," she said. "They're kind of taking matters into their own hands, and they're saying, 'I'm gonna look for another source of income to make sure that if that happens, then I'm gonna still be able to pay my bills and not get behind.'"
At the same time, financial resilience remains fragile. Newbery-Mitchell noted that 46 per cent of Ontarians surveyed said they are within $200 a month of being unable to meet their financial obligations. That means a modest increase in expenses, reduced work hours or a job loss could create significant hardship for many households.
For those already feeling stretched, she recommends regularly reviewing budgets and taking a closer look at debt levels rather than simply making minimum monthly payments.
"If you're looking at your credit card balances and your line of credit balances and they're not going down, or if you're starting to miss payments, then that's probably a sign that you really need to think about maybe how you are spending your discretionary money," she said.
Newbery-Mitchell also encourages people struggling with debt to seek advice sooner rather than later, noting many delay asking for help because they feel embarrassed about their situation.
"I say it's free, it's confidential, and there's absolutely no shame because we are busier than ever right now," she said. "There are so many people who are struggling right now for lots of different reasons."
She said speaking with a Licensed Insolvency Trustee does not automatically mean filing a consumer proposal or bankruptcy. Instead, she said, a consultation can help people better understand their options and gain a clearer picture of their overall financial situation.
While she expects economic pressures to continue in the near term, Newbery-Mitchell remains confident conditions will eventually improve.
"There is absolutely a cyclical nature to the economy and then consequently to insolvency filing," she said. "So I do think we're going to come out of this."
For now, however, many Ontarians appear focused on weathering uncertainty by tightening budgets, searching for additional income and trying to build financial stability in an increasingly unpredictable economy.
