44% Of Quebecers Are Afraid They Can't Afford Their Living Expenses This Year

If you've been worried about your finances lately, it looks like you're not the only one stressed about Quebec living expenses.

The MNP Consumer Debt Index measures Canadians’ views on their consumer debt and measures their capacity to pay their bills. During the last quarter of 2021, the index fell to the "lowest reading ever recorded since its inception in June 2017."

According to the most recent findings of the MNP Consumer Debt Index, 38% of Quebecers were stressed about their current level of debt during the last three months of 2021.

Only 56% of Quebecers think they can live comfortably between their salary and their expenses in 2022. Meanwhile, the other 44% are afraid that they cannot cover all their expenses this year.

According to the survey results, 41% of Quebecers said that they were approximately $200 away from being incapable of meeting all their financial obligations, a number which also includes 23% of responses of people who reported they don't make enough money to cover all of their debt payment and bills.

"Making matters worse, more Quebecers now say they are finding it even harder to pay down debt (23%, +2pts), and that it has become much less affordable to set aside money for savings (15% +4pts)."

Almost half of Quebecers' responses to the index survey (45%) said they regret how much debt they've chosen to take on.

The last main finding from the latest index was that 26% of Quebecers have fears surrounding handling a loss of employment, change of wage or seasonal work "without increasing their debt burden."

This article's cover image was used for illustrative purposes only.