For the first time in the province’s history, the number of insolvencies filed in the province in a single year has exceeded 3,000.

Statistics released by the Office of the Superintendent of Bankruptcy this week show that 3,262 Newfoundlanders and Labradorians filed bankruptcies or proposals in 2019.

Ian Penney of Janes and Noseworthy says since 2014 the number of insolvencies in Newfoundland and Labrador has increased by 107 per cent with consumer proposal filings increasing by almost 800 per cent. Penney says many Canadians live paycheck to paycheck, unable to set aside funds for unexpected expenses, their children’s education or their own retirement.

He indicates it’s hard to narrow the reason for the increased number of insolvencies down to any one thing.

He says seniors are retiring without sufficient income, low-income earners are unable to make enough money to sufficiently meet their needs and supplement that with the use of credit cards, while others simply have poor money management skills.

While it’s hard for Penney to say if 2020 will be as bad or worse, he doubts that the situation will improve dramatically in the year ahead.