B.C. residents not confident about their financial situation
TORONTO, April 1 /CNW/ - The March RBC Canadian Consumer Outlook Index finds that job anxiety is higher in British Columbia than anywhere else in Canada. Nearly three-in-ten B.C. residents (29 per cent) reported job anxiety in March, significantly higher than the national average of 22 per cent. B.C. and Quebec (23 per cent) were the only provinces that saw a rise in job anxiety this month.
According to the RBC survey, B.C. respondents are most likely to say that they're not confident about their financial situation (39 per cent compared to the national average of 34 per cent). The top three financial concerns likely to keep B.C. residents up at night are: paying off debt (27 per cent); having enough for retirement (19 per cent); and having no emergency fund (17 per cent).
"While B.C. residents are optimistic about the current state of the Canadian economy, they do have a lot on their minds with concerns about job security and their financial situation," said Graham MacLachlan, regional president, British Columbia, RBC. "At times like these, my advice would be to develop a realistic plan with clearly defined goals and steps to achieving them. Knowing what your plan of action is can really provide peace of mind."
Other provincial highlights include:
- Personal Financial Situation: Nearly three-in-ten (28 per cent) B.C.
residents believe their personal situation will deteriorate in the
next three months, the bleakest outlook in the country and almost 50
per cent higher than the national average of 19 per cent. However,
looking ahead, 41 per cent of B.C. residents believe their personal
finances will improve over the next year. This is up five per cent
from last month, but still lower than the national average of 44 per
- National Economy: British Columbians are optimistic about the current
state of the Canadian economy with more than half (53 per cent)
rating it as good, up five points from last month and on par with the
national average of 54 per cent. Looking ahead, 65 per cent expect
the national economy to improve over the next year, significantly
higher than the national average of 57 per cent.
- Local Economy: One-in-three (34 per cent) B.C. residents believe
their local economy will improve over the next three months, compared
to 29 per cent nationally.
"Our most recent economic forecast noted that B.C. is expected to be among Canada's growth leaders this year with real GDP of 3.4 per cent," said Craig Wright, senior vice-president and chief economist, RBC.
Whether Canadians want to borrow with confidence, get more from their everyday banking, protect what's important, save and invest or take care of their businesses, the RBC Advice Centre www.rbcadvicecentre.com can help answer their questions. Advice videos are updated regularly to reflect current trends and to answer the questions that are top of mind with Canadians. Interactive tools and calculators provide customized information covering many facets of personal finance. 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.
About The RBC Canadian Consumer Outlook Index
The RBC Canadian Consumer Outlook Index, benchmarked as of November 2009, is based on the results of an online survey of 1,020 Canadians, ages 18 and over, conducted by Ipsos Reid between March 9 and 15, 2010. This data represents the most timely and comprehensive snapshot of consumer attitudes regarding their finances and the economy in 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. 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 +/-3.1 percentage points, 19 times out of 20, of what the results would have been had the entire population of adults in Canada been polled.
Note to editors: The RBC Canadian Consumer Outlook Index will be moving to a quarterly publication, with an enhanced sample size and regional indices. The next RBC Canadian Consumer Outlook Index will be distributed in July.
/NOTE TO PHOTO EDITORS: A photo accompanying this release is available at http://photos.newswire.ca. Images are free to accredited members of the media/
For further information: For further information: To speak to an RBC advisor or receive our top tips for reducing financial worries, please contact: Suzanne Willers, RBC Corporate Communications, (416) 974-2727; Matt Gierasimczuk, RBC Media Relations, (416) 974-2124