Most Ontarians getting a good night's sleep, finances not a concern
TORONTO, April 1 /CNW/ - The March RBC Canadian Consumer Outlook report finds that Ontarians are much more secure in their jobs, with only one-in-five (20 per cent) saying that they or someone in their household is worried about losing their job, down 10 points and now slightly lower than the national average (22 per cent).
According to the RBC survey, Ontarians are among the least likely (61 per cent) to say they have financial concerns that keep them up at night. Nearly three-in-ten Ontarians (28 per cent) are most likely to be kept awake at night worrying about paying off their debt, while 17 per cent worry about having enough money for their retirement and 12 per cent worry about their lack of an emergency fund. More than a third of Ontarians (36 per cent) say they're not confident about any aspect of their financial situation.
"Despite some worry about personal finances persisting, it's good to see overall confidence growing among Ontarians, particularly about their personal financial security," said Jennifer Tory, regional president, Greater Toronto Region, RBC. "RBC has financial planners across Canada who can help develop a realistic plan with financial milestones and contingency planning."
Other provincial highlights include:
- National Economy: Ontarians are becoming more confident in the
national economy with 54 per cent saying the state of the economy is
good, up four points from February. Nearly four-in-ten Ontario
residents (39 per cent) believe the economy will improve in the next
three months (three points above the national average). In the long-
term, optimism is even higher with 60 per cent believing the national
economy will improve over the next year, slightly higher than the
national average of 57 per cent.
- Personal Financial Situation (Overall): Over the next three months,
more Ontarians believe their personal financial situation will
improve (up four percentage points from February to 34 per cent in
March) rather than deteriorate (18 per cent).
"While challenges still exist for Ontario, economic prospects should improve this year and into the next," said Craig Wright, senior vice-president and chief economist, RBC. "In 2010, we expect solid growth in Ontario of about 3.3 per cent."
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.
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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