MNP Consumer Debt Index

Canadians’ debt outlook reaches lowest point in five years

From near zero to the highest interest rates in more than two decades, the latest MNP Consumer Debt Index reveals that Canadians’ debt outlook has reached the most pessimistic point since tracking began five years ago. Reflecting on their current debt situation, more households rate their current situation as much worse than it was one (20%, +2 pts) and five years ago (25%, +3 pts) compared to the previous quarter (20%). Looking into the future, more believe their debt situation will worsen over the next year (18%, +3 pts) and five years from now (16%, +2 pts). Fewer also see any potential for improvement over the next five years (35%, -2 pts).

“There is no mystery as to what is causing Canadians’ bleak debt outlook. It’s getting more difficult to make ends meet,” says Grant Bazian, President of MNP LTD, the country’s largest insolvency firm. “Facing a combination of rising debt carrying costs, living expenses and concern over the potential for continued interest rate and price hikes, many households are stretched uncomfortably close to broke.”

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.

Press Release Results for November 2023

Press Releases

• National: Canadians grapple with inflation isolation: rising costs impacting mental health, increasing loneliness, isolation, stress, and anxiety
• B.C.: British Columbians grapple with inflation isolation: rising costs impacting mental health, increasing loneliness, isolation, stress, and anxiety
• Ontario: Ontarians grapple with inflation isolation: rising costs impacting mental health, increasing loneliness, isolation, stress, and anxiety
• Saskatchewan: Saskatchewan and Manitoba residents grapple with inflation isolation: rising costs impacting mental health, increasing loneliness, isolation, stress, and anxiety
• Alberta: Albertans grapple with inflation isolation: rising costs impacting mental health, increasing loneliness, isolation, stress, and anxiety
• Nova Scotia: Nova Scotians grapple with inflation isolation: rising costs impacting mental health, increasing loneliness, isolation, stress, and anxiety
• New Brunswick: New Brunswickers grapple with inflation isolation: rising costs impacting mental health, increasing loneliness, isolation, stress, and anxiety
• Newfoundland: Newfoundland and Labradorians grapple with inflation isolation: rising costs impacting mental health, increasing loneliness, isolation, stress, and anxiety
• Prince Edward Island: Prince Edward Islanders grapple with inflation isolation: rising costs impacting mental health, increasing loneliness, isolation, stress, and anxiety
• Manitoba: Manitoba and Saskatchewan residents grapple with inflation isolation: rising costs impacting mental health, increasing loneliness, isolation, stress, and anxiety
• Quebec: Quebecers grapple with inflation isolation: rising costs impacting mental health, increasing loneliness, isolation, stress, and anxiety

Debt Index Results for October 2023

Press Releases

• National: Canadians’ debt outlook reaches lowest point in five years
• B.C.: Bleak debt outlook: British Columbians concerned about further interest rate hikes
• Ontario: Ontarians have less money left over at month-end as surging cost of living chips away at household budgets
• Saskatchewan: Impact of another interest rate increase: Seven in 10 Saskatchewan and Manitoba residents say they will be in financial trouble
• Alberta: Albertans face bleak debt outlook: Significantly more anticipate struggling with further interest rate increases
• Nova Scotia: Debt outlook bleak in Nova Scotia; significantly more Atlantic Canada households anticipate struggling with further interest rate increases
• New Brunswick: Debt outlook bleak in New Brunswick; significantly more Atlantic Canada households anticipate struggling with further interest rate increases
• Newfoundland: Debt outlook bleak in Newfoundland; significantly more Atlantic Canada households anticipate struggling with further interest rate increases
• Prince Edward Island: Debt outlook bleak in PEI; significantly more Atlantic Canada households anticipate struggling with further interest rate increases
• Manitoba: Impact of another interest rate increase: Seven in 10 Manitoba and Saskatchewan residents say they will be in financial trouble
• Quebec: Quebecers’ debt outlook reaches lowest point in five years; significantly more anticipate struggling with further interest rate increases

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 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 twenty-sixth wave, the Index increased to 86 points, up three points since last quarter, but remains below the five-year average. Visit MNPdebt.ca/CDI to learn more.

The data was compiled by Ipsos on behalf of MNP LTD between September 5 and September 8, 2023. For this survey, a sample of 2,000 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.