A recent poll conducted by Ipsos on behalf of MNP LTD finds that six in 10 Canadians say they are concerned about the impact of rising interest rates on their financial situation, inching up from last quarter to reach the highest point on record since tracking began in 2017.
“After the repeated interest rate hikes this year, it is understandable that Canadians are more concerned than ever about what the impact will be on their finances,” said Grant Bazian, president of MNP LTD., the country’s largest insolvency firm. “Our findings show that renters and lower-income households are more financially vulnerable to the impacts of rising interest rates and the cost of living. These groups will need to be particularly cautious with their spending in the coming months to keep themselves out of financial trouble.
“For households that have already slashed their budgets and shaved off as many expenses as they can, any future interest rate hikes could put them in a position where they are forced to take on additional debt to keep up with their bills. But the cost of servicing that debt is also ballooning as rates rise, making it far more difficult to pay off.”
“Slightly more Canadians than last quarter believe they are better prepared for an interest rate increase, but these individuals are still in the minority. Canadians can be taking steps to improve their financial standing, in preparation for current and future interest rate hikes. That may include seeking out professional debt advice, making monthly budgeting a priority and taking the time to understand exactly how interest fluctuations will affect their monthly expenses and debt repayments.”
(Mario Toneguzzi is a veteran of the media industry for more than 40 years and named in 2021 a Top Ten Business Journalist in the world and only Canadian)
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