Focus is on debt management
TORONTO, Oct. 26, 2011 /CNW/ - A majority of Quebecers (60 per cent) do
not have any money set aside for a rainy day, slightly higher than the national average of 57 per cent, according to
the October RBC Canadian Consumer Outlook Index (RBC CCO). In addition, one-quarter (27 per cent) report they have had to dip
into their savings to help pay for every day expenses or for an
Quebec residents are keeping debt management as a key priority over the
upcoming year. One-in-three (33 per cent) intend to focus on reducing
their debt, 29 per cent plan to spend less, 22 per cent want to save or
invest more and 20 per cent say they will take all of these actions. Close to one-third (31 per cent) of Quebecers indicate that they are
managing their overall debt well.
"Quebecers continue to keep their debts in check, with a strong focus on
managing their finances," said Patrice Sieber, vice-president and
regional operating officer, Quebec, RBC. "Spending less, saving or
investing more - actions such as these help ensure the kind of balance
our financial planning advice is centred around to help clients pay
their bills and save for the future."
The RBC CCO also found that Quebec consumers are not optimistic about
Canada's economic prospects over the next 12 months. Only 18 per cent
feel that the national economy will improve - the lowest confidence
rating in the country, eight percentage points below the Canadian
Quebecers are expressing optimism about their outlook for their own personal financial situation, with 31 per cent feeling
that this will improve over the coming year. They are also less anxious
about employment - only 20 per cent of Quebecers are worried about
someone in their household losing their job or being laid off, compared
to 22 per cent nationally.
This job confidence aligns with the most recent RBC Economic Outlook, which highlighted Quebec's low unemployment rate and its positive
impact on the province's economy.
"The steady decline in the province's unemployment rate has been
encouraging. It's now near its lowest point in almost three years, with
more than 18,000 new jobs created in the first nine months of 2011,"
said Craig Wright, vice-president and chief economist, RBC. "This
positive trend in Quebec's job market supports our optimistic outlook
for the near-term."
The RBC CCO is Canada's most comprehensive consumer assessment of the
economy, personal financial situation and economic and purchasing
expectations. Other provincial highlights from the October RBC CCO include:
Managing Debt: Almost one-third (31 per cent) of Quebecers are confident that they are
managing their debt well, compared to 28 per cent across Canada; 32 per
cent think that they could do better, compared to the national average
of 31 per cent.
Major Purchases: More than half (52 per cent) of Quebec consumers are delaying the
purchase of big-ticket items, such as cars and household appliances,
due to current economic conditions. Eighteen per cent are expecting to
spend more on such purchases over the upcoming year; 48 per cent are
expecting to spend less.
The national RBC CCO release, full set of regional releases and related
comparative data charts can be accessed via www.rbc.com/newsroom/2011/1026-cdn-consumer.html.
About RBC's debt management and other financial advice and interactive
RBC's myFinanceTracker, a new 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. 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. In addition, online advice videos are updated regularly to
reflect current trends and to answer the questions that are top of mind
with Canadians. 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 www.rbcadvicecentre.com.
About the RBC Canadian Consumer Outlook Index
Benchmarked as of November 2009, the RBC CCO is conducted online via
Ipsos Reid's national I-Say Consumer Panel. Data was collected between
September 26 to October 3, 2011, via 3,054 Canadians (453 British
Columbia, 454 Alberta, 458 Saskatchewan/Manitoba, 705 Ontario, 516
Quebec, 467 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. 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 ±1.65 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:
Raymond Chouinard, RBC, 514 874-6556, firstname.lastname@example.org
Kathy Bevan, RBC Corporate Communications, 416 974-2727, email@example.com