MNP Consumer Debt Index

Nearly half of Canadians doubtful they can cover living expenses this year without going into further debt, highest level in three years

The latest MNP Consumer Debt Index finds the number of Canadians who are concerned they cannot make ends meet without going into further debt has reached the highest level in three years. The quarterly poll conducted by Ipsos on behalf of MNP LTD, finds almost half of households (45%, +6) are not confident they’ll be able to cover all living and family expenses in the next 12 months without taking on more debt. In fact, the proportion of Canadians who report being insolvent and unable to pay their monthly bills and debt repayments remains at the highest level recorded since the Index was created in 2017 (30%, unchanged). Half (51%, unchanged) say they are more concerned about their ability to repay their debts than they used to be.

Despite the concern, a third (32%) of Canadians say they plan to spend more than they normally would as they re-engage with the economy on things such as travel, dining, and entertainment.

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.

Debt Index Results for July 2021

Press Releases

• National: Nearly half of Canadians doubtful they can cover living expenses this year without going into further debt, highest level in three years
• B.C.: Nearly half of British Columbians doubtful they can cover living expenses this year without going further into debt (47%, + 9 points)
• Ontario: Nearly half of Ontarians doubtful they can cover living expenses this year without going further into debt, highest since December 2019
• Saskatchewan: Four in 10 Saskatchewan and Manitoba residents doubtful they can cover living expenses this year without going further into debt, most since December 2019
• Alberta: Nearly half of Albertans doubtful they can cover living expenses this year without going into further debt, highest level in three years
• Nova Scotia: Nova Scotians feeling flush and ready to spend as concern about debt and personal finances eases post-pandemic
• New Brunswick: New Brunswick residents feeling flush and ready to spend as concern about debt and personal finances eases post-pandemic
• Newfoundland: Newfoundlanders feeling flush and ready to spend as concern about debt and personal finances eases post-pandemic
• Prince Edward Island: PEI residents feeling flush and ready to spend as concern about debt and personal finances eases post-pandemic
• Manitoba: Four in 10 Manitoba and Saskatchewan residents doubtful they can cover living expenses this year without going further into debt, most since December 2019
• Quebec: Nearly half of Quebecers doubtful they can cover living expenses this year without going further into debt (46%, up 9 points)

Download the MNP Consumer Debt Index infographic.

About MNP LTD

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 240 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. For regular, bite-sized insights about debt and personal finances, subscribe to the MNP 3 Minute Debt Break Podcast.

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, 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.

Now in its seventeenth wave, the Index currently stands at 97 points, up one point compared to the last wave conducted in March 2021. Visit MNPdebt.ca/CDI to learn more.

The latest data, representing the seventeenth wave of the MNP Consumer Debt Index, was compiled by Ipsos on behalf of MNP LTD between June 14-17, 2021. For this survey, a sample of 2,002 Canadians aged 18 years and over was interviewed. Weighting was then employed to balance demographics to ensure that the sample’s composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.5 percentage points, 19 times out of 20, 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.