TORONTO, Sept. 14, 2011 /CNW/ - Half of B.C. residents (50 per cent) say
that saving and investing for the future is as important as paying down
debt, the highest rate in the country, according to a new RBC Debt
Poll. The national average is 44 per cent.
Reducing debt is still seen as an important goal in B.C., as 44 per cent
see paying down debt as more important than saving for the future. Many
in the province are happy with their current debt situation (58 per
cent which matches the national average).
"The poll shows British Columbians believe that they are in good shape
on their personal debt obligations, but are also looking to have the
best of both worlds by saving and investing at the same time," said
Teresa Perri, regional vice-president of Tri-Cities, Royal Bank of
Canada. "Watching your spending and planning ahead by speaking to a
financial expert will help you focus on your credit situation and also
invest for the future."
Asked about their happiness levels when it comes to credit, B.C.
residents feel similar to other Canadians, with 58 per cent saying they
are happy with their debt situation in contrast to 42 per cent who are
unhappy, matching national averages. One-in-five British Columbians (22
per cent) are totally debt-free, in line with the debt-free levels in
the rest of the country.
British Columbians are also willing to make changes due to their
personal debt situation, as they are more likely to delay or cancel
plans to take a vacation (26 per cent versus the national average of 24
per cent), buy a new home (10 per cent versus the national average of
eight per cent) or retire (nine per cent versus the national average of
six per cent).
Highlights from across Canada:
Alberta: Alberta leads the country in feeling anxious about debt (36 per cent
versus the national average of 32 per cent). Albertans are also the
most likely to change their plans due to concerns about their debt
situation and are more likely to delay or cancel plans to take vacation
(28 per cent versus 24 per cent) and buy a new home (12 per cent versus
eight per cent).
Prairies: Saskatchewan and Manitoba are the most comfortable and happy with
their personal debt situations when compared to other provinces (50 per
cent and 62 per cent respectively compared to 45 per cent and 58 per
cent nationally). Prairie residents also lead the country on not
changing their plans due to debt concerns, well above the national
average (66 per cent versus 61 per cent).
Ontario: Responses from Ontario were similar to the national average across
most measures. Ontarians were more comfortable than anxious about their
current debt situation (43 per cent versus 33 per cent, respectively
compared to 45 per cent feeling comfortable versus 32 per cent anxious
nationally). Almost one-quarter (24 per cent) said they have no
personal debt as compared to the national average of 22 per cent.
Quebec: Quebecers are most likely to be concerned with paying down debt now
rather than saving for the future (54 per cent versus the national
average of 49 per cent). Over one-quarter of Quebecers (27 per cent)
believe that they are in worse shape than their friends and neighbours
for non-mortgage debt, tied with Alberta for the highest rate in the
country (compared to the national average of 25 per cent).
Atlantic Canada: Thinking about non-mortgage debt, Atlantic Canadians are the most
optimistic about their debt situations compared to their friends and
neighbours (82 per cent versus the national average of 75 per cent).
All Canadians can visit the RBC Advice Centre www.rbcadvicecentre.com for guidance on how to handle their debt. Interactive tools and
calculators provide customized information covering all facets of
saving and using credit. For RBC personal banking clients, a new online
financial management tool, myFinanceTracker, is available at no cost to create a set budget and track their
The RBC Debt Omnibus Study was conducted by Ipsos Reid. Data was
collected from August 18 to 23, 2011. The online survey is based on a
randomly selected representative sample of 2,011 adult Canadians that
was statistically weighted by region, age and gender composition
according to the Census data. The results are considered accurate to
within ±2 percentage points, 19 times out of 20, of what they would
have been had the entire adult Canadian population been polled. The
margin of error will be larger within regions and for other
sub-groupings of the survey population.
For further information:
Ka Yan Ng, RBC Communications, (416) 974-1794
Matt Gierasimczuk, RBC Communications, (416) 974-2124