The sun may be shining and the sounds of children’s laughter can be heard in neighbourhoods across B.C. but the MNP Consumer Debt Index has found that nearly three in five British Columbians are concerned about repaying debt.
Sixty-seven per cent of those polled by Ipsos, on behalf of MNP LTD, said they desperately need interest rates to go down, despite two consecutive interest rate pauses.
British Columbians are the most concerned about repaying debt out of all the other provinces, according to the poll.
A record-high share, 55 per cent, says rising interest rates could drive them toward bankruptcy, which is more than any other province.
More than half, 52 per cent, say they regret the amount of debt they have taken on and 53 per cent say they are concerned about their current debt level.
British Columbians are more likely than any other province, 31 per cent, to feel stalled, having to put their lives on hold.
“British Columbians are facing a unique convergence of financial pressures, compounded by broader economic uncertainty and global volatility,” Linda Paul, a Licensed Insolvency Trustee with MNP LTD in the Lower Mainland, said in a statement.
“With Vancouver’s housing costs the highest in the country and inflation running above average, the strain is especially pronounced for many in the province. After a series of interest rate cuts, the recent pauses may be causing some anxiety.”
The poll found that despite two interest rate pauses, the financial pressure on British Columbians has not let up.
“With the high cost of living continuing to squeeze budgets, many are treading carefully, but it still feels like they’re falling behind or constantly putting out financial fires,” Paul added.
One-third of British Columbians (33 per cent) reported feeling stuck living paycheque to paycheque, while an equal share (33 per cent) say they are feeling more cautious with how they manage their money due to current financial pressures.
One-quarter (26 per cent) feel they are constantly putting out financial fires, facing one unexpected cost after another.
About one-third of those polled said they have reduced discretionary spending or are increasing savings or building emergency funds.
About a quarter are putting important life goals, such as buying a home, starting a family or changing careers, on hold or prioritizing debt repayment.
There are some glimmers of hope, however.
The average amount that British Columbians have left at the end of the month has increased to $890, which is up $90 from last quarter, according to the poll.
However, most British Columbians remain on precarious financial footing.
“Nearly 2.2 million British Columbians say they are teetering on the edge of insolvency, with almost no buffer to handle unexpected expenses or changes in income,” Paul said.
Nearly half of British Columbians (46 per cent) say they are $200 or less away from financial insolvency each month, which includes more than one-third (35 per cent) who say they already don’t make enough to cover their bills and debt payments.
The data was compiled by Ipsos on behalf of MNP LTD between June 9 to 13, 2025.
For this survey, a sample of 2,000 Canadians aged 18 years and over was interviewed. Weighting was then employed to balance demographics to ensure that the sample’s composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.5 percentage points, 19 times out of 20, had all Canadian adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.