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Email this10:01 am
April 18, 2022
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MNP makes it sound like everyone is broke why is that are they encouraging bankruptcy for profit?
10:08 am
April 6, 2013
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MNP is an insolvency trustee. It is profitable, if one files for bankruptcy or does a consumer proposal through them.
MNP, like other insolvency trustees, charges for their services. They are not a non-profit or charity.
10:19 am
September 11, 2013
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Same story as last time MNP's "analysis" was brought to our attention here, glass half-empty narrative for MNP's benefit.
10:24 am
January 12, 2019
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.
BNN's take on this subject ⬇
- Link: https://www.bnnbloomberg.ca/31-of-canadians-don-t-earn-enough-to-pay-their-bills-survey-1.1753377
With more BoC rate hikes to come, it's just going to get Worse for those
in debt ❗
- Dean
" Live Long, Healthy ... And Prosper! "
11:06 am
October 29, 2017
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Dean said
.
BNN's take on this subject ⬇Link: https://www.bnnbloomberg.ca/31-of-canadians-don-t-earn-enough-to-pay-their-bills-survey-1.1753377
With more BoC rate hikes to come, it's just going to get Worse for those
in debt ❗Dean
Yep, it’s real.
11:16 am
October 29, 2017
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Bill said
Same story as last time MNP's "analysis" was brought to our attention here, glass half-empty narrative for MNP's benefit.
Bringing it to our attention isn’t profitable at all. People go bankrupt and then they profit. MNP is just pointing out info and not making or encouraging people to go bankrupt.
11:33 am
September 11, 2013
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MNP profits from creating an atmosphere of fear, they offer various services, not just those relating to after bankruptcy. Point is they are anything but a disinterested source of information, they are biased so "info" is slanted (e.g. sort of like asking CBC about conservatives
) so of little utility.
April 4 Bank of Canada report says "Despite expecting higher interest rates, consumers continue to anticipate strong spending growth on a broad range of goods and services." Canadians have high levels of savings ready to be unleashed, too.
12:12 pm
October 29, 2017
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Bill said
MNP profits from creating an atmosphere of fear, they offer various services, not just those relating to after bankruptcy. Point is they are anything but a disinterested source of information, they are biased so "info" is slanted (e.g. sort of like asking CBC about conservativesApril 4 Bank of Canada report says "Despite expecting higher interest rates, consumers continue to anticipate strong spending growth on a broad range of goods and services." Canadians have high levels of savings ready to be unleashed, too.
That definitely sounds like propaganda! What Canadians, how many and how much savings. The graph I showed a long time ago illustrated that it’s high income earners that have the savings, it’s not distributed among the masses. And the strong spending growth is simply showing that people aren’t willing to curtail their standard of living
12:28 pm
November 8, 2018
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31% of respondents to an Ipsos survey conducted for MNP said they don't earn enough to pay their bills and debt payments...
“It almost seems unrealistic...” said Grant Bazian, president of MNP
It is, indeed. I wonder if survey question was worded "Do you think you earn enough money to buy everything you want?"
12:52 pm
September 11, 2013
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Vatox, you ask, "what Canadians"? Even using your data I guess it's the 69% that say they do earn enough to pay their bills and debt payments.
12:55 pm
October 29, 2017
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Alexandre said
31% of respondents to an Ipsos survey conducted for MNP said they don't earn enough to pay their bills and debt payments...
“It almost seems unrealistic...” said Grant Bazian, president of MNP
It is, indeed. I wonder if survey question was worded "Do you think you earn enough money to buy everything you want?"
It would be great news if that is correct. I surely do not want that many people going under because of inflation and rate hikes.
1:34 pm
November 8, 2018
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Vatox said
It would be great news if that is correct. I surely do not want that many people going under because of inflation and rate hikes.
Something tells me that many won't.
My favorite on the topic of properly conducted surveys: Leading Questions - Yes Prime Minister
2:04 pm
October 29, 2017
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Bill said
Vatox, you ask, "what Canadians"? Even using your data I guess it's the 69% that say they do earn enough to pay their bills and debt payments.
First of all, it’s not my data. Second, there is a whole swath of people who are only a couple hundred dollars away from insolvency each month and they need to be added to the 31%. I don’t count that as significant savings or “high level of savings”. It’s the statement of high levels of savings that’s ambiguous as it clearly lead you to believe it’s 69% of Canadians. I think they looked at total savings in Canada and using that to make everything appear peachy.
2:39 pm
January 11, 2020
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In order for me to feel more positive about my finances I need higher GIC rates. If MNP needs that for a financial health pole they are welcome to that info.
3:48 pm
October 27, 2013
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Surveys without specific paramaters generate spurious data. Insolvency based on what? Current spending levels? Cut back on that smartphone data plan, cable package, costly family activities, restaurant meals, trade in that 3 year old bells and whistles SUV for something more affordable, etc, etc. At least some of that 49% group claiming they are within $200 of insolvency just don't want to adjust their current levels of consumer spending.
The trend over time suggesting more families are getting squeezed makes sense given the impacts of inflation but the specific data points are not all that meaningful.
8:57 am
April 6, 2013
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Canadians are more worried but are doing fine.
In the BNN report on the MNP survey, the MNP president acknowledges that the MNP Consumer Debt Index is based on sentiment:
[MNP Ltd president Grant] Bazian acknowledged that the survey is strictly based on sentiment, since Ipsos and MNP aren’t analyzing respondents’ financial accounts. …
The infographic from their January 2020 survey, done before the pandemic, reported that 50% were $200 or less away from being insolvent at month end. Not significantly different statistically from the recent 49% number.
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