Record Lows: Canadian Financial Confidence

The MNP Consumer Debt Index has dropped by a staggering seven points through its nineteenth wave to sit at 88 points. Latest survey results released January 17, 2022 reveal deep-seated pessimism around the amount of debt households already have, their ability to weather interest rate increases, and the financial impacts of COVID in the year ahead.

Despite nearly half of Canadians already feeling regretful about the amount of debt they’ve accumulated to date (45%), a similar number households expect to take on even more in 2022 just to cover basic living expenses (45%), a significant five-point jump since October. Heading into the third year of COVID-19, it’s also a concern that more Canadians doubt they can financially weather the impacts of falling ill and having to take time off work to recover (34%, +4pts).

Considering the above we suspect as a collection agency Edmonton, collection agency Calgary and collection agency GTA we will continue to have our work cut out for us.