A new report says the Bank of Canada's recent interest rate cut did little to change Canadians' negative perceptions about their personal finances. A worker rolls signs past the Bank of Canada, Wednesday, April 10, 2024 in Ottawa. THE CANADIAN PRESS/Adrian Wyld

By Canadian Press

Two-thirds of Canadians ‘desperately’ need interest rates to go down: MNP survey

Jul 22, 2024 | 11:58 AM

A new survey says the Bank of Canada’s recent interest rate cut did little to change Canadians’ negative perceptions about their personal finances.

The MNP Consumer Debt Index, conducted quarterly by Ipsos, dropped six points from the previous quarter to 85 points, which it says signals increasingly negative views on respondents’ debt situation.

Two-thirds of respondents say they desperately need interest rates to go down, as more than half indicate they are concerned rates may not fall quickly enough to provide the financial relief they require.

The central bank lowered its benchmark interest rate by a quarter of a percentage point to 4.75 per cent in June and economists expect another cut could be in store when it meets Wednesday for its next rate decision.

The MNP report found 46 per cent of Canadians are $200 or less away from failing to meet all their financial obligations, while three-in-ten say they already can’t cover their bills and debt payments.

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Grant Bazian, president of MNP Ltd., says that with the prices of many daily necessities still high, “many have not seen the meaningful reduction in their monthly expenses needed to ease their financial burdens.”

This report by The Canadian Press was first published July 22, 2024.