Nearly three-quarters of Quebecers have cut spending or postponed major purchases as they take steps to safeguard their finances amid economic uncertainty

• Quebecers’ concern over rising interest rates near record high (58%, +4 pts).
• More than half (51%) of Quebecers brace for increased housing costs.

MONTREAL, QC – April 14, 2025 – Quebecers are taking steps to safeguard their finances amid ongoing economic uncertainty. 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.  

The majority of Quebecers (81%) say economic uncertainty has made them more cautious about taking on new debt. More than half (56%) express heightened concern about their ability to pay off debt due to ongoing uncertainty. However, a higher proportion this quarter believes they will be able to cover their living expenses in the next year without needing more credit (55%, +9 pts) and fewer regret the amount of debt they have taken on (43%, -5 pts).  

“Quebecers’ debt outlook has improved following two interest rate cuts by the Bank of Canada so far in 2025. While uncertainty remains regarding U.S. tariffs, their fluctuating status may be giving Quebecers a sense of optimism — particularly since their potential impact on household budgets has yet to be fully realized,” explains Frédéric Lachance, a Licensed Insolvency Trustee with MNP LTD in Montreal. 

The proportion of Quebecers concerned about the impact of rising interest rates has increased to close to the highest level on record (58%, +4 pts). Slightly more Quebecers this quarter are worried about their ability to repay their debts, even if interest rates decline (45%, +2 pts). However, some concerns have eased due in part to the interest rate reductions this year. One in five Quebecers (22%, +3 pts) now feel better equipped to absorb an interest rate increase of one percentage point, while the percentage (24%, -5 pts) who feel less prepared to handle such an increase has declined. More than half (55%, -8 pts) continue to worry about being in financial trouble if interest rates rise. Quebecers are more likely than those in any other province (45%, +2 pts) to fear that rising interest rates could push them toward Bankruptcy. 

“Declining interest rates, along with the budget adjustments Quebecers have already made, seem to be offering a bit of financial relief,” says Lachance.  

Reflecting this shift toward financial caution, significantly more Quebecers rate their personal debt situation positively this quarter (36%, +9 pts), while fewer rate it negatively (20%, -2 pts). Half (50%) of Quebecers say they are relying more on financial advice and planning due to the uncertain economic environment. 

“The results indicate that Quebecers are being proactive in cutting expenses and reducing their dependence on credit as they prepare for potential financial challenges ahead,” says Lachance.  

Fewer Quebecers this quarter (48%, -5 pts) report being $200 or less away from financial insolvency each month. This is due to significantly fewer saying they are already financially insolvent (27%, -11 pts). 

“Nearly half of Quebecers are still teetering on the edge of insolvency, with more than a quarter lacking any financial buffer or flexibility in their budgets. These individuals may struggle to cope with rising costs, housing expenses, or a potential income loss without a financial safety net," says Lachance.  

Compared to those in other provinces, Quebecers are the most likely (51%) to say they are bracing for an increase in housing costs within the next year, with just over half believing those costs will climb. 

"Many Quebecers will soon face mortgage renewals at significantly higher interest rates, and rents may rise in tandem. This is just one of many escalating costs, compounded by economic uncertainty, that could overwhelm those already on shaky financial ground," says Lachance. 

Lachance says that there is help for those struggling to manage debt repayment, missing monthly payments, or simply unable to make ends meet.

“Licensed Insolvency Trustees provide unbiased advice to help Quebecers navigate and make informed decisions about both short-term financial pressures and long-term debt management — especially during times of financial instability,” says Lachance.  

Licensed Insolvency Trustees play a vital role in helping Quebecers navigate financial challenges and make informed decisions about managing their debt. Seeking guidance from a Licensed Insolvency Trustee can provide individuals with a clear understanding of their debt relief options in an unpredictable financial landscape. Licensed Insolvency Trustees provide free consultations to help individuals assess their financial situation, understand their options, and create customized plans to regain control of their 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-second wave, the Index has rebounded to 88 points, up nine points since last quarter. Visit MNPdebt.ca/CDI to learn more. 

The data was compiled by Ipsos on behalf of MNP LTD between March 11 and March 14, 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.