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More Canadians see grey skies on the horizon heading into the new year and beyond as fewer expect their debt situation to improve, according to the latest MNP Consumer Debt Index conducted quarterly by Ipsos. Canadians’ net confidence in their financial futures a year down the road dropped five points since September. When comparing their current debt situation to five years in the future, net confidence dropped six points.
Now in its eleventh wave, the MNP Consumer Debt Index has dropped five points since September (96 points), matching the lowest ever recorded back in March 2018. The drop is not only driven by increasing pessimism among Canadians about their financial futures — Canadians also feel worse off now compared to the past. In fact, net optimism for both one- and five-year timeframes have reached all-time lows or near all-time lows. One in five Canadians now say their debt situation is worse than it was five years ago.
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Details behind MNP’s Consumer Debt Index, along with media coverage and our provincial and national news releases can be found below.
To view data from previous releases of the MNP Consumer Debt Index, visit our Historical Data page.
Click here to view an interactive infographic
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The MNP Consumer Debt Index measures Canadians’ attitudes toward their consumer debt and gauges their ability to pay bills, endure unexpected expenses 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 MNPdebt.ca/CDI to learn more.
The latest data, representing the eleventh wave of the MNP Consumer Debt Index, was compiled by Ipsos on behalf of MNP LTD between December 4 and December 9, 2019. For this survey, a sample of 2,000 Canadians aged 18 years and over was interviewed. 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. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error — including, but not limited to, coverage error and measurement error.
MNP LTD, a division of the national accounting firm 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 offices from coast-to-coast, MNP helps thousands of Canadians each year who are struggling with an overwhelming amount of debt. Visit MNPdebt.ca to contact a Licensed Insolvency Trustee or use our free Do it Yourself (DIY) debt assessment tools.
Grant Bazian is a Licenced Insolvency Trustees, President of MNP Ltd. To learn more about how MNP Debt can help you, contact Grant at 778.374.2108 or [email protected]
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