MNP Consumer Debt Index

Consumer Debt Index highlights impact of affordability crisis: More Canadians say necessities such as food, housing and transportation are less affordable

The impact of this year’s consecutive interest rate hikes and persistent inflation is becoming clear, as Canadians are seeing the effect on their wallets. According to the latest MNP Consumer Debt Index, which is conducted quarterly by Ipsos, more Canadians say life’s necessities are becoming less affordable as the cost of living continues to soar. Compared to December 2021, significantly more say it’s becoming less affordable to feed themselves and their family (52%, +5pts), put money aside for savings (49%, +5pts), and pay for transportation (45%,+9pts), housing (37%,+2pts), and clothing or other household necessities (45%,+5pts) and pay for.

“Canadians are putting more of their paychecks towards basic necessities. That is leaving less of a financial buffer to manage the impacts of current and potential future interest rate hikes,” says Grant Bazian, president of MNP LTD., the country’s largest insolvency firm.

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 October 2022

Press Releases

• National: Consumer Debt Index highlights impact of affordability crisis: More Canadians say necessities such as food, housing and transportation are less affordable
• B.C.: Consumer Debt Index highlights impact of affordability crisis: More British Columbians say necessities such as food, housing and transportation are less affordable
• Ontario: Consumer Debt Index highlights impact of affordability crisis: More Ontarians say necessities such as food, transportation and clothing are less affordable
• Saskatchewan: Consumer Debt Index highlights impact of affordability crisis: More Saskatchewan and Manitoba residents say necessities such as food, transportation and clothing are less affordable
• Alberta: Consumer Debt Index highlights impact of affordability crisis: More Albertans say necessities such as food, housing and transportation are less affordable
• Nova Scotia: Consumer Debt Index highlights impact of affordability crisis: More Nova Scotians say necessities such as food, housing and transportation are less affordable
• New Brunswick: Consumer Debt Index Highlights Impact of affordability crisis: More New Brunswickers say necessities such as food, housing and transportation are less affordable
• Newfoundland: Consumer Debt Index highlights impact of affordability crisis: More Newfoundlanders say necessities such as food, housing and transportation are less affordable
• Prince Edward Island: Consumer Debt Index highlights impact of affordability crisis: More Prince Edward Islanders say necessities such as food, housing and transportation are less affordable
• Manitoba: Consumer Debt Index highlights impact of affordability crisis: More Manitoba and Saskatchewan residents say necessities such as food, transportation and clothing are less affordable
• Quebec: Consumer Debt Index highlights impact of affordability crisis: More Quebecers say necessities such as food and transportation are less affordable

• National: Report: Six in 10 Canadians are concerned about the impact of interest rates on their financial situation, reaching the highest level on record
• B.C.: Report: More than half of British Columbians are concerned about the impact of interest rates on their financial situation
• Ontario: Report: Six in 10 Ontarians are concerned about the impact of interest rates on their financial situation
• Saskatchewan: Report: Fewer Saskatchewan and Manitoba residents are concerned about the impact of interest rates on their financial situation, down 10 points since last quarter
• Alberta: Report: Seven in 10 Albertans are concerned about the impact of interest rates on their financial situation, up four points since last quarter
• Nova Scotia: Credit crunch in Nova Scotia: Seven in 10 Atlantic Canadians are concerned about the impact of interest rates on their financial situation, jumping a staggering 15 points since last quarter
• New Brunswick: Credit crunch in New Brunswick: Seven in 10 Atlantic Canadians are concerned about the impact of interest rates on their financial situation, jumping a staggering 15 points since last quarter
• Newfoundland: Credit crunch in Newfoundland: Seven in 10 Atlantic Canadians are concerned about the impact of interest rates on their financial situation, jumping a staggering 15 points since last quarter
• Prince Edward Island: Credit crunch in PEI: Seven in 10 Atlantic Canadians are concerned about the impact of interest rates on their financial situation, jumping a staggering 15 points since last quarter
• Manitoba: Report: Fewer Manitoba and Saskatchewan residents are concerned about the impact of interest rates on their financial situation, down 10 points since last quarter
• Quebec: Report: More than half of Quebecers are concerned about the impact of rising interest rates on their financial situation

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 twenty-second wave, the Index has increased two points since last quarter to 92 points, although remaining well below its benchmark score established five years ago. Visit MNPdebt.ca/CDI to learn more.

The data was compiled by Ipsos on behalf of MNP LTD between September 6 and September 13, 2022. 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.