Nearly half of Quebecers regret their debt as life plans stall and financial anxieties take hold amid ongoing economic uncertainty

• Nearly half say they regret the amount of debt they have taken on (45%, +2 pts).
• Three in 10 report feeling anxious or stressed about their financial situation (30%), with one in five constantly putting out financial fires (20%).
• A quarter feels stalled by financial strain, having to put their life on hold (25%).
• Following two interest rate pauses, nearly two-thirds desperately need interest rates to go down (63%, -2 pts).

MONTREAL, QC – July 14, 2025 – Nearly two-thirds of Quebecers say they desperately need interest rates to go down (63%, -2 pts), according to the latest MNP Consumer Debt Index. Almost half (45%, +2 pts) say they regret the amount of debt they have taken on. Three in 10 Quebecers (30%) report they feel anxious or stressed about their financial situation as the cost of living and ongoing economic uncertainty weigh on households. A quarter (25%) say they feel stalled — having to put their lives on hold. One in five Quebecers (20%) feel they are constantly putting out financial fires as they face one unexpected cost after another.

“We haven’t seen this kind of economic uncertainty since the COVID-19 pandemic. Many Quebecers feel anxious and suspended in limbo — waiting for the dust to settle before making any major decisions,” says Frédéric Lachance, a Licensed Insolvency Trustee with MNP LTD in Montreal. “Many are putting key life or financial decisions on hold for the time being, unsure of how things will unfold with economic pressures lingering and wider global instability.”

Uncertainty and the cost of living are translating into day-to-day financial strain, with nearly three in 10 Quebecers (29%) reporting they feel stuck living paycheque to paycheque. A third (32%) say they are feeling more cautious with how they manage their money due to current financial pressures.

“Those who are holding back on big decisions or tightening their budgets may still feel like they’re falling behind in this unpredictable financial climate, despite two interest rate pauses,” says Lachance. “With uncertainty surrounding both costs and income, it can feel like there’s always another fire to put out for some financially vulnerable households.”

Two in five Quebecers (40%) have reduced discretionary spending, a third (33%) are increasing savings or building emergency funds, and three in 10 (29%) are prioritizing debt repayment in response to current financial pressures. Nearly one in five (18%) are putting off important life goals such as buying a home, starting a family, or changing careers.

Two in five Quebecers (41%, -4 pts) say they are concerned rising interest rates could drive them toward Bankruptcy, despite interest rates holding steady twice this year. More than two in five Quebecers (42%, -4 pts) remain concerned about their ability to repay their debts, even if interest rates decline.

“Concerns persist around interest rates. After years of financial strain, many households have been stretched thin by high interest rates and rising costs,” says Lachance. “But there are growing signs that some households expect their situation to improve down the road.”

While many Quebecers are still under pressure, there are indications that some are beginning to regain a modest sense of financial control. The average amount households have left at the end of the month has increased to $908, up $93 from last quarter. This potentially signals that more Quebecers are building a financial buffer in case of further economic disruption.

Future debt expectations are showing improvement at the same time. A third of Quebecers (35%) expect their debt situation to improve one year from now, making a 10-point rebound after a significant drop last quarter. A larger proportion (42%, +7 pts) believe it will improve in five years. However, approximately one in 10 Quebecers (11%, -4 pts) say they expect their debt situation to worsen in one year, and more (14%, -1 pt) think it will worsen in five years. Slightly more this quarter believe they will be able to cover all living expenses in the next year without taking on more debt (57%, +2 pts).

Nearly two in five Quebecers (38%, +2 pts) rate their debt situation as excellent, and almost a fifth (18%, -2 pts) rate it as terrible, remaining relatively stable since last quarter.

“It’s a modest but promising shift — these signs suggest some households may be starting to rebuild financial resilience,” says Lachance. “Even small steps toward stability can be significant in today’s uncertain environment.”

However, a significant proportion of Quebecers remain on precarious financial footing.

“About 3.1 million Quebecers say they are close to financial insolvency, with limited capacity to absorb financial shocks from unexpected expenses or changes in income,” says Lachance.

Two in five Quebecers (42%, -6 pts) report they are $200 or less away from financial insolvency each month. This includes more than a quarter (26%, -1 pt) who say they are financially insolvent. Consistent with last quarter, two in five Quebecers (42%, unchanged) say they are concerned about their current debt level.

Lachance urges those feeling overwhelmed by debt or financial pressure to speak with a Licensed Insolvency Trustee. Licensed Insolvency Trustees provide unbiased advice on the full range of debt relief options available and administer personalized solutions to help individuals regain control of their finances.

“Whether you’re overwhelmed by bills, getting collection calls, or feeling unsure about your financial next steps, a Licensed Insolvency Trustee can help you make sense of your situation,” says Lachance. “These professionals provide clarity and support, so you can make informed decisions about your debt relief options without fear of judgment.”

Lachance says it’s a sure sign it’s time to ask for help if financial stress is causing sleepless nights. “You’re not alone in this situation. Simply speaking with a professional to understand your options can be incredibly relieving — and it’s often the first step to regaining control of your finances.”

MNP’s national team of Licensed Insolvency Trustees offers free consultations across the country to help severely indebted Quebecers get unbiased debt advice, understand their rights, and determine the best path forward. Licensed Insolvency Trustees are the only federally regulated debt professionals who can assist with all the debt relief options, including Consumer Proposals and Bankruptcy, stop harassment from debt collectors, and discharge people from debt.

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 thirty-third wave, the Index has held firm at 88 points — the same level as last quarter. Visit MNPdebt.ca/CDI to learn more.

The data was compiled by Ipsos on behalf of MNP LTD between June 9 and June 13, 2025. 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.