MNP Consumer Debt Index

Canadians’ confidence in personal finances, debt repayment abilities reaches lowest level ever recorded

Canadians are showing record-low confidence levels when it comes to their personal finances and debt repayment abilities. Now in its nineteenth wave, the MNP Consumer Debt Index has reached the lowest point since inception, plummeting seven points since last quarter to 88 points. Conducted quarterly by Ipsos on behalf of MNP LTD, the Index tracks Canadians’ attitudes about their debt situation and their ability to meet their monthly payment obligations.

Compared to last quarter, far fewer Canadians are confident they can comfortably cover their living expenses in the next year (55%, -5pts) and far more say they are concerned about their current level of debt (43%, +5pts).

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 January 2022

Press Releases

• National: Canadians’ confidence in personal finances, debt repayment abilities reaches lowest level ever recorded
• B.C.: British Columbians’ confidence in personal finances, debt repayment abilities plummets amid pandemic fatigue and uncertainty
• Ontario: Ontarians’ confidence in personal finances, debt repayment abilities waning amid pandemic fatigue and uncertainty
• Saskatchewan: Saskatchewan and Manitoba residents’ confidence in personal finances, debt repayment abilities plummets amid pandemic fatigue and uncertainty
• Alberta: Albertans’ confidence in personal finances, debt repayment abilities plummets amid pandemic fatigue and uncertainty
• Nova Scotia: Atlantic Canadians’ Confidence in Personal Finances, Debt Repayment Abilities Plummets Amid Pandemic Fatigue and Uncertainty (Nova Scotia Release)
• New Brunswick: Atlantic Canadians’ Confidence in Personal Finances, Debt Repayment Abilities Plummets Amid Pandemic Fatigue and Uncertainty (New Brunswick Release)
• Newfoundland: Atlantic Canadians’ Confidence in Personal Finances, Debt Repayment Abilities Plummets Amid Pandemic Fatigue and Uncertainty (Newfoundland Release)
• Prince Edward Island: Atlantic Canadians’ Confidence in Personal Finances, Debt Repayment Abilities Plummets Amid Pandemic Fatigue and Uncertainty (Prince Edward Island Release)
• Manitoba: Manitoba and Saskatchewan residents’ confidence in personal finances, debt repayment abilities plummets amid pandemic fatigue and uncertainty
• Quebec: Quebecers’ confidence in personal finances, debt repayment abilities waning amid pandemic fatigue and uncertainty

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 nineteenth wave, the Index has plummeted seven points since last quarter to 88 points, the lowest reading ever recorded since its inception in June 2017. Visit MNPdebt.ca/CDI to learn more.

The latest data, representing the nineteenth wave of the MNP Consumer Debt Index, was compiled by Ipsos on behalf of MNP LTD between December 1-7, 2021. 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.