Report finds nearly half of Canadians concerned about going into pandemic-related debt
CALGARY, AB – The number of Canadians concerned that they cannot make ends meet without going further into debt has reached the highest level in three years.
That’s according to the latest MNP Consumer Debt Index, a quarterly poll conducted by Ipsos for MNP LTD.
The study found that three in 10 people, or 30 per cent of respondents in Canada, said the COVID-19 pandemic worsened their debt, with 35 per cent saying it created more debt burden for either themselves or their family. The number of Canadians who report being insolvent, or unable to pay their monthly bills and debt repayments sits at the highest level since 2017, at 30 per cent. 51 per cent said they are more concerned about their ability to repay their debts than they used to be.
45 per cent of respondents lacked confidence that they will be able to cover all living and family expenses in the next 12 months without using credit. Even with concerns being raised, 32 per cent of people said they plan to spend more than they normally would as they re-engage with the economy on things such as travel, entertainment and dining at local restaurants.