2025-04-14
Three quarters of New Brunswickers have cut spending or postponed major purchases
MNP Consumer Debt Index
Three-quarters (76%) say they have cut back on spending due to economic uncertainty — more than those in any other province.
MNP Consumer Debt Sentiment Survey reveals:
Vancouver, BC – As low borrowing costs and surging real estate prices continue to prop up consumer debt levels in British Columbia, an increasing number of people in the province are feeling concerned about their debt.
The MNP Consumer Debt Sentiment Survey revealed that forty-four per cent of British Columbians say they are concerned about their current level of debt, up eight points since February 2016. For many, this is prompting some soul-searching, with forty-three per cent now indicating that they regret the amount of debt that they have taken on.
“Many over have extended themselves, jumping into the hot housing market, worrying prices would continue to rise if they didn’t. Others feel like they had a lot of equity built up in their homes so they can spend more and use credit to finance their lifestyles. Now the sudden cooling of the market and looking ahead to the possibility of interest rate hikes puts many in potentially disastrous financial situations,” explains Judy Scott, a Vancouver-based government Licensed Insolvency Trustee at MNP Debt.
Concern about the potential for rising interest rates is also rising among those living in B.C. Thirty-four per cent say they are concerned that an increase in interest rates could move them towards bankruptcy, compared to only twenty per cent back in February 2016. This represents one of the largest jumps in the country.
Almost half (47 per cent) of British Columbians now say they are $200 or less per month away from not being able to meet all of their bills or debt obligations each month. That number represents a seven point increase since February 2016 and includes 20 per cent who say they already don’t make enough money to cover their bills and repayment obligations.
“With so many already feeling unable to cover their bills and debts, there is tremendous vulnerability to any kind of economic shock — the loss of a job, an emergency, a divorce, even things like a reduction in overtime pay or bonuses — and especially an increase in interest rates,” said Scott.
Despite the anxiety around debt, over-spending remains a reality. Thirty-four per cent of parents in British Columbia said they spent more than budgeted on back-to-school shopping for their kids, while twenty-six per cent ‘agree’ they spent over budget on recreation or vacations during the summer.
“We cannot continue adjusting to a lifestyle where debt is used for things like new technology and vacations. Bottom line: if you are living on credit, you should seek professional financial guidance right away. One of the biggest mistakes people make is waiting until the point of devastation before getting help,” said Scott.
Other key poll highlights include:
MNP LTD, a division of MNP LLP, is one of the largest personal insolvency practices in Canada. For more than 50 years, our experienced team of Licensed Insolvency Trustees and advisors have been working collaboratively with individuals to help them recover from times of financial distress and regain control of their finances. With more than 200 Canadian offices from coast-to-coast, MNP helps thousands of Canadians each year who are struggling with an overwhelming amount of debt. Visit www.MNPdebt.ca to learn more.
Now in its second year, the MNP Consumer Debt Sentiment Survey is a semi-annual poll designed to track Canadians’ feelings about their debt and their perception of their ability to meet their monthly payment obligations.
The survey was conducted by Ipsos on behalf of MNP Debt between September 6 and September 12, 2016. For this survey, a sample of 1,502 Canadians from Ipsos' online panel was interviewed online. 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 +/ - 2.9 percentage points, 19 times out of 20, had all Canadian adults been polled. The credibility interval will be wider among subsets of the population.
2025-04-14
MNP Consumer Debt Index
Three-quarters (76%) say they have cut back on spending due to economic uncertainty — more than those in any other province.
2025-04-14
MNP Consumer Debt Index
Nearly three-quarters (73%) say they have cut back on spending due to economic uncertainty, and nearly as many (70%) say they are delaying major purchases or investments, according to the latest MNP Consumer Debt Index.
2025-04-14
MNP Consumer Debt Index
Nearly three-quarters say they have cut back on spending (74%) and are delaying major purchases or investments (75%), according to the latest MNP Consumer Debt Index.