Canadians cutting spending, delaying purchases amid tariff turmoil: MNP survey

A magnifying glass enlarges the holographic image of Parliament Hill's Peace Tower on a $20 bill issued by the Bank of Canada, shown in a display case at the Bank of Canada Museum in Ottawa, on Wednesday, Sept. 4, 2024. THE CANADIAN PRESS/Justin Tang

CALGARY — A survey from insolvency firm MNP Ltd. suggests Canadians’ outlook for their personal finances has brightened even as they’ve taken steps to cut their expenses amid economic turmoil.

The latest MNP Consumer Debt Index conducted by Ipsos rose nine points to 88 this quarter over the previous one.

It says about three quarters of those surveyed have cut back on their spending or delayed major purchases due to uncertainty around U.S. tariffs and their potential impact on the global economy.

MNP president Grant Bazian says the tariffs have yet to make a full impact on household budgets and their on-again, off-again nature has given Canadians some optimism.

The survey also suggested interest rates continue to be a source of concern, but recent cuts have helped provide some breathing room.

Ipsos compiled the data from interviews with 2,000 Canadians between March 11 and 14. The polling industry’s professional body, the Canadian Research Insights Council, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

This report by The Canadian Press was first published April 14, 2025.

Lauren Krugel, The Canadian Press