Half Of Canadians Are On The Verge Of Financial Insolvency: MNP Survey

The coronavirus outbreak is pushing Canadian consumers to the edge of bankruptcy.

According to the latest MNP Consumer Debt Index, 49% of Canadians (just about half) believe they are on the brink of financial insolvency. About half of people surveyed said they are $200 or less away from not being able to pay their monthly bills.

Since December, Canadians have become more worried about their consumer debt than ever before. Almost half (46%) are worried, according to data compiled by Ipsos on behalf of MNP Ltd. In March. That is a 10-percentage-point jump since December and the highest level recorded since 2017 when the insolvency firm began tracking Canadian debt and bankruptcies.

The latest survey, conducted amidst the coronavirus outbreak, found that 25% of people polled are already unable to meet their debt obligations. As more households lose their income in the current environment, anxieties are only going to mount, said MNP in a news release. Thirty-four per cent (34%) of Canadians surveyed said they are worried about job and income security.