MNP Consumer Debt Index shows Quebecers are bracing for a challenging 2026

Majority of Quebecers anticipate higher living costs (67%), rising housing pressure (60%), worsening economy (55%), and interest rate and inflation strain (54%).

MONTREAL, QC – January 12, 2026 – Quebecers are bracing for rising financial challenges in 2026, with the majority (67%) expecting the cost of living to worsen. According to the latest MNP Consumer Debt Index, this pessimism extends well beyond prices, reflecting a broader sense that economic conditions will deteriorate.

“Many Quebecers believe that household budgets will be stretched even further, adding to anxiety about financial stability in 2026,” explains Frédéric Lachance, a Licensed Insolvency Trustee with MNP LTD in Montreal. “Many Quebecers expect that most areas of daily life will become more challenging rather than easier in the year ahead.”

The majority of Quebecers believe the economy overall will worsen (55%) this year, and a similar proportion expect housing affordability to deteriorate (60%). Quebecers also anticipate rising pressure from interest rates and inflation (54%), unemployment and the job market (44%), and Canada’s relationship with the U.S. (49%). Nearly two in five anticipate higher taxes (36%), more than a third expect transportation costs (35%) to worsen, and nearly half believe healthcare costs (49%) will worsen. Nearly three in five Quebecers also have concerns about rising poverty and inequality (58%) as well as worsening government deficit and debt (61%).

While Quebecers are pessimistic about the year ahead, there is some cause for optimism. Two in five Quebecers (43%) report being $200 or less away from financial insolvency each month, down six points from last quarter. The average amount Quebecers have left at the end of the month has risen to $744, up $60 since last quarter. While these gains point to modest financial relief, Quebecers reported the lowest average monthly amount left over among all provinces. Additionally, less than half of Quebecers (40%, -5 pts) report having six months of emergency savings, leaving many households vulnerable to disruption.

“Prolonged financial pressure is leading to both action and inaction across the province. How Quebecers respond to financial stress often depends on whether they feel they have any financial flexibility to work with,” says Lachance. “Additional financial breathing room allows some to make budget changes and explore solutions. Continued economic uncertainty reinforces financial avoidance behaviours for others with less flexibility.”

Quebecers are responding in markedly different ways as financial pressures intensify. More than three in five (62%) are adopting a fight mentality, taking proactive steps such as adjusting their budgets (48%), attempting to consolidate debt (15%), or seeking advice from a financial professional (10%). Quebecers are more likely than those in any other province to say they have adjusted their budgets or attempted to consolidate debt. However, three in 10 Quebecers (31%) are taking a flight response, which includes avoiding thinking about their financial responsibilities (9%), steering clear of financial discussions with family or professionals (14%), or relying on credit to cover essential expenses (8%). More than one in 10 (14%) say they feel financially frozen, unsure where to begin when facing financial stress.

“Many Quebecers are in financial flight mode, which can create a false sense of short-term relief,” says Lachance. “Avoiding conversations about money or relying more heavily on credit may ease stress temporarily. However, those behaviours often allow financial problems to grow quietly under the surface. This can make it harder to regain control in the future.”

Interest rates remain a critical source of stress for Quebecers, despite the Bank of Canada holding its last policy rate at 2.25 percent. Two in three (66%, +3 pts) say they desperately need interest rates to go down. More than half (52%) remain concerned about their ability to repay their debts even if interest rates decline, a significant 10-point increase since last quarter. Quebecers are more likely than those in any other province (49%, +9 pts) to worry that rising interest rates could drive them toward Bankruptcy.

“Even where Quebecers see some improvement in their day-to-day financial position, confidence about the year ahead remains fragile, particularly for those carrying higher levels of debt,” says Lachance. “Ongoing affordability pressures and sensitivity to interest rates leave very little room for error as households head into 2026.”

Relatively few Quebecers are turning to professional support when facing financial stress, despite widespread concerns about costs, debt, and the year ahead. One in 10 Quebecers (10%) say they have sought advice from a professional as part of their efforts to fight back against financial strain.

These findings echo a recent joint consumer alert from the Office of the Superintendent of Bankruptcy (OSB) and the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). This alert highlighted how stress and stigma can prevent Quebecers from asking for help and delay access to guidance from Licensed Insolvency Trustees.

“Too many Quebecers are trying to manage financial strain on their own,” says Lachance. “Licensed Insolvency Trustees are federally regulated professionals who can help people understand all their debt relief options, make informed choices, and keep financial stress from escalating further.”

Licensed Insolvency Trustees are the only federally regulated 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.

“People may not realize that all debt advice isn’t the same,” says Lachance. “Those under financial pressure can be especially vulnerable to misinformation or quick-fix promises. Turning to a federally regulated professional such as a Licensed Insolvency Trustee helps Quebecers ensure they receive objective guidance that considers their entire financial picture.”

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.

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-fifth wave, the Index has increased to 87 points, up one point from last quarter. Visit MNPdebt.ca/CDI to learn more.

The data was compiled by Ipsos on behalf of MNP LTD between November 28 and December 1, 2025. For this survey, a sample of 2,001 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.