MNP Consumer Debt Index hits record low amid growing concern about debt and rising interest rates among Canadians
The enduring financial impacts of COVID-19 coupled with the pressures of rising interest rates and a higher cost of living are weighing down Canadians’ confidence in their personal finances, according to the MNP Consumer Debt Index which is conducted quarterly by Ipsos on behalf of MNP LTD.
Now in its twentieth wave, the Index tracks Canadians’ attitudes about their debt situation and their ability to meet their monthly payment obligations. It remains at an all-time low since its inception in June 2017, dropping one point in the first quarter of this year.
Interest rate hikes have more people worried than last quarter, with four in 10 (39%) Canadians saying rising rates could drive them closer to Bankruptcy — a notable four-point increase since December. Six in 10 (57%, +3pts) say they’re more concerned about their ability to pay their debts.

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 April 2022
Press Releases
- National: MNP Consumer Debt Index hits record low amid growing concern about debt and rising interest rates among Canadians
- B.C.: More than half of British Columbians say they are already feeling the effects of interest rate increases, a six-point jump since December
- Ontario: More than half of Ontarians say they’re already feeling the effects of interest rate increases, up six points since December
- Saskatchewan: More than half of Saskatchewan and Manitoba residents say they’re already feeling the effects of interest rate increases, a seven-point jump since December
- Alberta: Albertans feeling the effects of rising interest rates more than any other province, half say increases could drive them closer to Bankruptcy
- Nova Scotia: Nova Scotians are among the most concerned about their ability to pay debts as interest rates rise, jumping six points since December to 68 percent
- New Brunswick: New Brunswickers are among the most concerned about their ability to pay debts as interest rates rise, jumping six points since December to 68 percent
- Newfoundland: Newfoundlanders are among the most concerned about their ability to pay debts as interest rates rise, jumping six points since December to 68 percent
- Prince Edward Island: Prince Edward Islanders are among the most concerned about their ability to pay debts as interest rates rise, jumping six points since December to 68 percent
- Manitoba: More than half of Manitoba and Saskatchewan residents say they’re already feeling the effects of interest rate increases, a seven-point jump since December
- Quebec: More than half of Quebecers are concerned about ability to pay their debts as interest rates rise, jumping six points since December
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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 who are struggling with an overwhelming amount of debt each year. 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 twentieth wave, the Index has dropped one point since last quarter to 87 points, remaining at an all-time low since its inception in June 2017. Visit MNPdebt.ca/CDI to learn more.
The data was compiled by Ipsos on behalf of MNP LTD between March 9 and March 15, 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.
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