MNP Consumer Debt Index reaches lowest point ever recorded as COVID lockdown measures continue
As pandemic-related economic pain and wage losses continue, there are signs 2020’s financial stressors will continue to exact a toll well into 2021. Now in its fifteenth wave, the MNP Consumer Debt Index has dropped to 89 points, the lowest point since it was introduced in June 2017.
Conducted quarterly by Ipsos on behalf of MNP LTD, the Index tracks Canadians’ attitudes about their debt and ability to meet their monthly payment obligations. It has dropped five points since September to hit its record low, which is also the largest quarterly decline to date. This has largely been fuelled by Canadians’ negative perceptions of their personal finances, current household debt levels, and concerns about weathering more unexpected financial setbacks without taking on more debt.
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 2021
Press Releases
- National: MNP Consumer Debt Index Reaches Lowest Point Ever Recorded as COVID Lockdown Measures Continue
- B.C.: MNP Consumer Debt Index reveals declining financial confidence and increasing debt concerns among British Columbians due to pandemic
- Ontario: Debt Trap? MNP Consumer Debt Index reveals Ontarians are taking advantage of low interest rates to spend beyond their means
- Saskatchewan: MNP Consumer Debt Index reveals pandemic impact on personal finances and consumer debt in Saskatchewan and Manitoba
- Alberta: MNP Consumer Debt Index reveals declining financial confidence and increasing debt concerns among Albertans as a result of pandemic
- Nova Scotia: MNP Consumer Debt Index reveals declining financial confidence and increasing debt concerns among Nova Scotians as a result of the pandemic
- New Brunswick: MNP Consumer Debt Index reveals declining financial confidence and increasing debt concerns among New Brunswick residents as a result of the pandemic
- Newfoundland: MNP Consumer Debt Index reveals declining financial confidence and increasing debt concerns among Newfoundlanders as a result of the pandemic
- Prince Edward Island: MNP Consumer Debt Index reveals declining financial confidence and increasing debt concerns among Prince Edward Islanders as a result of the pandemic
- Manitoba: MNP Consumer Debt Index reveals pandemic impact on personal finances and consumer debt in Manitoba and Saskatchewan
- Quebec: MNP Consumer Debt Index finds declining financial confidence and increasing debt concerns among Quebecers as result of pandemic
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Archives arrow_forwardAbout 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.
The latest data, representing the twelfth wave of the MNP Consumer Debt Index, was compiled by Ipsos on behalf of MNP LTD between March 2 and March 5, 2020. 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.
About MNP Debt
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.
In light of the social distancing measures currently in place, MNP LTD is currently offering Free Confidential Consultations via videoconferencing (Skype, Messenger, Zoom, FaceTime, etc.) and by phone. Our team of Licensed Insolvency Trustees are empowered to help those struggling financially to make the most informed choices to deal with their debt during this time.
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