MNP Consumer Debt Index: Nearly seven in 10 Ontarians report financial whiplash, the highest proportion among all provinces, as economic uncertainty persists

Three-quarters of Ontarians say rising food and gas prices are straining their finances, the highest proportion among all provinces.

TORONTO, ON – April 13, 2026 – Ontarians are feeling the effects of ongoing economic uncertainty as conditions continue to evolve, reshaping household behaviours. Several indicators are higher than in other provinces, with nearly seven in 10 (68%) saying they are experiencing financial whiplash as shifting conditions repeatedly disrupt their financial plans, according to the latest MNP Consumer Debt Index. Three-quarters (78%) say rising prices for essentials like food and gas are straining their finances. These are both the highest levels recorded among all provinces. Ontarians are also the most likely (77%) to say they are cutting back on spending, and over four in five (83%) are more cautious about taking on new debt as ongoing cost pressures and uncertainty drive conservative financial decision-making.

These pressures are also shaping how Ontarians view their financial progress and future plans. Seven in 10 (70%) say they feel they are working harder financially but not getting ahead. Nearly three-quarters (73%) say they are delaying major financial decisions because of unpredictable conditions. These are both the highest proportions among all provinces.

“Financial pressure is becoming harder to manage for many Ontarians as conditions continue to shift,” says Caryl Newbery-Mitchell, a Licensed Insolvency Trustee with MNP LTD in Toronto. “Broader global uncertainty and the rising costs of daily expenses are largely outside of an individual’s control, which can contribute to a sense of financial whiplash. Households may find it more difficult to absorb unexpected expenses or make confident financial decisions as conditions keep changing, whether that involves taking on debt, making a significant purchase, or planning ahead.”

Ontarians’ net personal debt rating dropped to 11 points (-13 pts), a significant decrease from the previous quarter, marking the province’s lowest first-quarter debt rating in the Index’s history. This points to ongoing financial strain as concerns about job security, inflation, and broader economic conditions continue to weigh on consumer sentiment. Many households continue to navigate an economy where financial challenges persist without a clear endpoint.

A quarter of Ontarians (24%, -1 pt) say their debt situation has improved compared to a year ago, while nearly the same proportion (23%, +4 pts) say it has worsened. This shift points to a continued strain on household finances as a growing share of Ontarians report their debt situation has worsened, while fewer are seeing improvement. Job security concerns are also rising, with nearly half (45%) of Ontarians fearing job loss in their household, increasing nine points this quarter to reach the highest proportion among all provinces.

The average amount Ontarians have left at the end of the month has risen to $1,031, up from $908 last quarter. However, these gains are not being felt equally across all households. Nearly half of Ontarians (47%, +7 pts) report being $200 or less away from financial insolvency each month, the highest proportion among all provinces. The province also has the largest proportion (33%) of those who say they do not earn enough to cover their bills and debt payments, up a significant eight points.

While the Bank of Canada’s recent decision to hold its key rate at 2.25 percent may ease distress for some Ontarians, two-thirds (65%) say they need interest rates to go down. This marks a four-point increase from last quarter, rising to the highest level among all provinces. Ontarians are also the most likely (60%, +9 pts) to fear financial trouble if interest rates rise, and the most likely (46%, +7 pts) to be concerned that rising interest rates could move them toward Bankruptcy. More than half (52%, +9 pts) remain concerned about their ability to repay their debts, even if interest rates decline — the highest share among the provinces. Nearly one in five (18%) say they could absorb an additional $130 in monthly interest payments, while a third (34%) say they could not absorb this increase.

“More Ontarians are concerned about what comes next, even as interest rates hold steady for now,” says Newbery-Mitchell. “Households already managing tight budgets may have limited ability to take on higher borrowing costs or even sustain them at current levels, particularly if economic conditions shift later this year.”

These financial pressures are also reflected in how Ontarians are approaching tax season.

One in six Ontarians (17%) say they expect to owe taxes they are unable to pay. This includes a proportion (6%) who will delay paying, as they need more time to figure out how they will come up with the funds, and one in 10 (11%) who say they will need to borrow or go into debt to meet their obligations. More than one in 10 (12%) say they expect to owe taxes and will need to dip into savings or money set aside for other purposes to pay these taxes.

“Tax season can put additional strain on household finances,” says Newbery-Mitchell. “A refund may provide an opportunity to catch up on bills or reduce debt for some Ontarians. For others, owing taxes may mean using savings set aside for other priorities or relying on credit, which can add to their financial burden.”

Newbery-Mitchell says that turning to additional debt to cover expenses and obligations can be an early sign that financial pressures are increasing, and that it may be time to review your financial situation.

“It can be overwhelming when finances feel out of your control or increasingly uncertain,” says Newbery-Mitchell. “However, it can be useful to pause and reassess if you find yourself relying more on credit or stretching your budget. Taking a closer look at income, expenses, and available options can help identify ways to ease financial pressure and regain a sense of control.”

“Speaking with a Licensed Insolvency Trustee can help provide clarity and direction for those who feel unsure about their financial situation,” Newbery-Mitchell says. “These conversations can help individuals understand their full financial picture in a supportive, non-judgmental environment, so they can explore their options and move forward with a plan that works for them.”

Licensed Insolvency Trustees are the only federally regulated debt professionals in Canada who can assist with all the debt relief options, including Consumer Proposals and Bankruptcy, stop harassment from debt collectors, and discharge people from debt. They work with individuals to understand their unique circumstances and explore a range of solutions, from adjusting payment plans and negotiating with creditors to formal debt relief options.

MNP’s national team of Licensed Insolvency Trustees offers free consultations across the country to help severely indebted Canadians get unbiased debt advice, understand their rights, and determine the best path forward.

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-sixth wave, the Index remains at 87 points, unchanged from last quarter. Visit MNPdebt.ca/CDI to learn more.

The data was compiled by Ipsos on behalf of MNP LTD between March 10 and March 11, 2026. 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 ±2.7 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.