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MNP Consumer Debt Index

Rising interest rates and inflation forcing Canadians to make tough budget decisions to make ends meet

Canadians are becoming acutely aware of how interest rates and the cost of necessities impact their household budgets, as both measures continue on a months-long upward trajectory. Increasing a staggering seven points since last quarter, six in 10 (59%) Canadians say they’re already feeling the effects of interest rate increases, according to the latest MNP Consumer Debt Index which is conducted quarterly by Ipsos on behalf of MNP LTD.

Many Canadians are now being forced to make tough budget decisions to make ends meet. Nearly half (46%) say they’re cutting back on non-essentials such as travelling, dining out, and entertainment — while a third are buying cheaper versions of everyday purchases (37%) and driving less (30%). More than a quarter (27%) are making the difficult decision to cut back on essentials such as food, utilities, and housing.

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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 2022

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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-first wave, the Index has increased three points since last quarter to 90 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 June 6 and June 9, 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.

Latest Consumer Debt Index Blog Posts

2022-07-11

Rising interest rates and inflation forcing Ontarians to make tough budget decisions to make ends meet

Caryl Newbery-Mitchell

MNP Consumer Debt Index

Ontarians are becoming acutely aware of how rising interest rates and inflation impact their household budgets, as both continue on their months-long upward trajectory.

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