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A recent Ipsos poll conducted by MNP LTD., has found that Ontario residents are fearful of increased financial turbulence in the wake of future interest rate hikes. The survey found one in three now worry future increases could inch them closer to bankruptcy – a six percent increase since June. More than half of Ontarians (52%, up 1%) are concerned that future rate increases could impact their ability to pay their debts, and close to half (45%) say they're feeling the effects of previous interest rate increases – a four-point climb. More than two in five (44%) say they could be in financial trouble if rates go up much further.
The impacts of a higher interest rate environment are becoming increasingly prominent throughout Ontario, but it's likely the full impact is yet to come. With nearly two in five Ontarians saying they're concerned about their current debt level (38%) and that they regret how much debt they've taken on in life (43%), it's likely that future increases will cause more accelerated, immediate and significant negative effects.
Despite the growing anxiety, however, Ontarians aren't all pessimistic. Potentially fueled by the more than eight in ten (83%) who resolve to reduce their spending as interest rates go up and the one in three (30%) who say their debt situation has improved over the past year – two in five expect to see an improvement over the next 12 months. More than half (54%) foresee an improvement to their debt situation over the following five years.
With the consequences of rising interest rates now understood, it's important for Ontario residents to consider what actions they will take. Many feel hopeless and ashamed about their situations, but it's important to recognize that help is available. Licensed Insolvency Trustees offer a no obligation Free Confidential Consultation to review debtors' financial situations and provide options for a financial fresh start. The situation may seem bleak, but debt doesn't have to be permanent. Reaching out to a professional now can prevent a great deal of stress and frustration down the road.
Other poll highlights include:
About MNP Debt
MNP LTD, a division of MNP LLP, is the largest insolvency practice in Canada. For more than 50 years, our experienced team of Licensed Insolvency Trustees and advisors have been working with individuals to help them recover from times of financial distress and regain control of their finances. With more than 230 Canadian offices from coast-to-coast, MNP helps thousands of Canadians each year who are struggling with an overwhelming amount of debt. Visit www.MNPdebt.ca to contact a Licensed Insolvency Trustee or get a free checkup for your debt health using the MNP Debt Scale.
About the MNP Consumer Debt Index
The MNP Consumer Debt Index measures Canadians' attitudes toward their consumer debt and gauges their ability to pay their bills, endure unexpected expenses, follow a budget, and absorb interest-rate fluctuations without approaching insolvency. Conducted by Ipsos and updated quarterly, the Index is an industry-leading barometer of financial pressure or relief among Canadians. Visit www.MNPdebt.ca/CDI to learn more.
The latest Index data was compiled by Ipsos on behalf of MNP LTD between September 10 and September 17, 2018. For this survey, a sample of 2,003 Canadians from the Ipsos I-Say panel was interviewed online. The precision of online polls is measured using a credibility interval. In this case, the results are accurate to within +/- 2.5 percentage points, 19 times out of 20, of what the results would have been had all Canadian adults been polled. Credibility intervals are wider among subsets of the population. This represents the sixth wave of the MNP Consumer Debt Index.
To learn more about the survey and how MNP can help you manage your debt challenges, contact
David Gowling, CIRP, LIT, Senior Vice-President, MNP Ltd., at 905.639.3328 or [email protected].
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*310-DEBT doesn’t operate in MB, NW ON and QC.
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