MNP Consumer Debt Index

MNP Consumer Debt Index highlights financial upside of pandemic among Canadians

While the financial picture for many Canadian households looked bleak last quarter, many have stayed afloat thanks to the current raft of pandemic-related support programs. After reaching a record low in early March, the MNP Consumer Debt Index has climbed three points to 96, with increasing optimism about personal finances.

The quarterly poll, which is conducted by Ipsos on behalf of MNP LTD, found Canadians feel more confident than ever about being able to cover their living expenses for the next 12 months without going further into debt (61%, +3). Compared to pre-pandemic levels, significantly more Canadians rate that their current debt situation as excellent (43%, +5). More than a quarter (27%, +1) perceive their debt situation to be better now than it was a year ago — and over a third (35%, +1) believe it is better now than it was five years ago.

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 2020

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Browse through our previous MNP Consumer Debt Index results.

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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.

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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