One-in-four believe their personal financial situation will improve
TORONTO, Sept. 24, 2012 /CNW/ - While the majority of Quebecers (67 per
cent) rate their own level of financial knowledge as "excellent/good,"
they give the "average Canadian" a lower grade, stating that only
one-in-three (33 per cent) has this same level of understanding,
according to the RBC Canadian Consumer Outlook (RBC CCO).
"Acquiring a sound level of financial knowledge is all part of an
ongoing learning process; we aren't born with it," noted Danielle
Coutlée, manager, sales strategies and support, Personal Financial
Services, RBC. "Greater financial knowledge can be of immense help when
you are trying to decide between a fixed or variable mortgage, how best
to save money and where to invest your savings. Free advice to assist
with improving your financial knowledge is available through our online
RBC Advice Centre, or you can meet with a financial advisor for a
According to the RBC CCO survey, Quebec residents are taking proactive
steps to improve their financial literacy by:
discussing finances with a financial advisor (34 per cent)
reading daily newspapers and business reports on TV and radio (26 per
seeking out friends and family who are financially savvy (24 per cent)
visiting websites of banks and investment firms (15 per cent)
In addition to questions about financial knowledge, the quarterly RBC
CCO asked people in Quebec to assess the national economy and found
that, while 58 per cent of Quebecers believe the state of the national
economy is good, only 24 per cent believe it will pick up in the next
year. The latest RBC Economic Outlook notes that Quebec's economy will grow at a slower-than-average rate of
1.0 per cent, below the national average of 2.1 per cent.
"Performance in the early months of the year has been a mixed bag in
Quebec, but we remain confident that growth will pick up moderately
going forward," stated Craig Wright, senior vice-president and chief
economist, RBC. "We expect that a strengthening U.S. economy will
reinvigorate demand for Quebec's export products, benefiting the
provincial manufacturing sector."
Other Quebec highlights from the RBC CCO include:
Financial Success: Forty-four per cent of Quebecers say being debt free best describes
financial success, compared to 41 per cent across Canada.
Job Anxiety: In Quebec, 17 per cent of residents report job anxiety, slightly less
than the national average (19 per cent).
Major Purchases: Fewer than half of Quebecers (46 per cent) are delaying making major
purchases (such as new cars or household appliances), compared to 50
per cent nationally.
Personal Financial Situation: One-in-four Quebecers (24 per cent) feel their personal financial
situation will improve in the next three months, an increase of four
percentage points since last quarter.
About RBC's debt management and other financial advice and interactive
Whether Canadians want to get more from their day-to-day banking, protect what's important, save and invest, borrow with confidence or
take care of their businesses, the RBC Advice Centre can help answer their questions. Interactive tools and calculators
provide customized information covering many facets of personal
finance, including the free Learning Money with Leo iPad app to help families teach children the value of money, the Debt Reduction Plan and the Debt Consolidation Calculator. With the guidance of RBC advisors who are available to chat live,
Canadians have access to free, no-obligation professional advice about
RBC products and services and personalized one-on-one service. Further
information is available at rbcadvicecentre.com. In addition, RBC's myFinanceTracker, a comprehensive online financial management tool, offers all personal
RBC online banking clients the ability, at no cost, to create a set budget and track their
spending habits and to access tax-related apps in RBC's myTax Centre, to help manage and plan their taxes.
About the RBC Canadian Consumer Outlook
The survey is conducted online via Ipsos Reid's national I-Say Consumer
Panel to 3,027 Canadians (450 British Columbia, 449 Alberta, 453
Saskatchewan/Manitoba, 714 Ontario, 510 Quebec, 451 Atlantic Canada).
Weighting was then employed to balance demographics and 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. Data collection was July 3 to 9, 2012. A survey with an
unweighted probability sample of this size and a 100 per cent response
rate would have an estimated margin of error of ±1.8 percentage points,
19 times out of 20, of what the results would have been had the entire
population of adults in Canada been polled.
For further information:
Suzanne Willers, RBC, 416-974-2727, email@example.com
Kate Yurincich, RBC, 416-974-1031, firstname.lastname@example.org