On Monday April 20, we will get the Consumer Price Index (a.k.a. inflation) numbers from Statistics Canada for the month of March. These data help us understand the general direction of consumer prices, which is a handy thing to know when trying to figure out what’s next for the overall economy.

What the inflation stats don’t tell us is how people are actually doing when it comes to their personal finances.

Imagine, for example, you just paid a plumbing company to unclog a blocked pipe. It was worth the money, but it wasn’t cheap and now you're wondering how to pay off the charge on your credit card. Even if the fee was the same as it was a year earlier (i.e., zero inflation), you’re probably not feeling great about how much it cost.

Or take that jug of milk your kids empty almost as soon as you put it in the fridge; the price may not be going up as much as it was, but between this year’s soccer fees and a recent speeding ticket and your mobile screen shattering when you dropped it, your cost of living feels out of control.

There are different ways to define the cost of living and to measure it, but one of the most direct and telling ways is to ask people questions about their finances. In this vein, the accounting, tax and business consulting firm MNP conducts a quarterly survey of Canadians* that asks about their ability to pay their bills, endure unexpected expenses, and absorb interest-rate fluctuations.

The latest results for Alberta came out on Monday and point to a high degree of financial stress with 77% of respondents saying rising prices for essentials like food and gas are straining their finances. It was essentially the same result nationally at 74%.

The composite national index, which combines answers to multiple survey questions, has remained steady the last year at levels well below those seen before the pandemic (the higher the index, the more positive Canadians feel about their personal finances).  

This suggests the level of financial strain among Canadian households has been elevated for several years. 

Other survey results also point to the financial stress facing many households (see the chart below):  

Turning to another source, the Bank of Canada’s Canadian Survey of Consumer Expectations (done in January, prior to the Iran war) also points to weak sentiment, which the Bank attributes to high prices and trade uncertainty.

There are multiple ways to address the financial strain faced by households with stronger economic growth—and the jobs and income that go along with it—playing a critical role.

In the short-term, U.S. tariffs, higher prices due to the war in the Middle East and the uncertainty related to both are significant headwinds holding back economic growth and there is little we can do about this on our own (other than doing the best we can negotiating with the U.S. on trade). Circling back to the Consumer Price Index numbers we get next week, inflation in March is going to be higher due to spiking gasoline prices with other costs rising the longer the conflict lasts and higher energy and fertilizer costs flow through to other goods and services.

On the bright side, U.S. tariffs are lower than originally threatened and the Alberta labour market has improved over the last year.

There is also much we can do in terms of improving Canada’s productivity via reducing internal economic barriers, diversifying our international trade and successfully executing major projects. As the survey results highlight, this is not just about generating more GDP, but improving the financial situation of real people.

*The latest data were compiled by Ipsos on behalf of MNP LTD between March 10 and March 11, 2026. For this survey, a sample of 2,000 Canadians aged 18 years and over was interviewed.

Answer to the previous trivia question: The International Monetary Fund was created at the 1944 Bretton Woods Conference and came into formal existence in 1945. Bretton Woods is a village in New Hampshire.

Today’s trivia question: What famous proponent of existentialism died on this day in 1980?