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More Canadians Are Debt-free In 2012: RBC Poll

Stocks in this article: RY

Also akin to last year's poll, three-quarters of Canadians (76 per cent) feel they are in better shape regarding their personal debt than their friends and neighbours (compared to 75 per cent in 2011). This also is in line with attitudes revealed in a separate RBC study, in which Canadian consumers described their own level of knowledge about finances as higher than that of the "average Canadian."

"Whether you feel you're in good financial shape or facing some challenges, it's important to have a strategy for managing debt," added Goyder. "Making informed financial decisions is part of an overall plan to achieve financial balance."

Poll highlights from across Canada

  • More than half of British Columbians (52 per cent) say they put equal importance right now on saving and investing for the future and on paying down debt.
  • Due to concern about their personal debt situation, 10 per cent of Albertans have postponed purchasing a big-ticket item (national: 19 per cent) and 20 per cent have postponed taking a vacation (national: 26 per cent).
  • Residents in Saskatchewan and Manitoba are the most evenly split among Canadians when describing their personal debt situation: 34 per cent say they feel anxious, 34 per cent say they are comfortable and 32 per cent say they have no personal debt.
  • Compared to 51 per cent nationally, a higher number of respondents in Atlantic Canada (64 per cent) and Quebec (57 per cent) feel it is more important to pay down debt than to save and invest for the future.
  • Atlantic Canada residents also are more likely to say that they are anxious about their debt level (42 per cent, compared to 34 per cent nationally).
  • Ontarians match national attitudes in terms of how they feel about their non-mortgage debt, with 76 per cent feeling they are in better shape than friends and neighbours. Ontarians also are aligned with national attitudes about placing a priority on paying down debt over investing for the future (49 per cent, compared to 51 per cent nationally).

About the 2 nd Annual RBC Debt Poll The RBC Debt Poll was conducted by Ipsos Reid. Data was collected from July 27 to August 2, 2012. The online survey is based on a randomly selected representative sample of 2,041 adult Canadians that was statistically weighted by region, age and gender composition according to the Census data. The results are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual Canadian population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. An unweighted probability sample of 2,041, with 100 per cent response rate, would have an estimated margin of error of ±2 per cent, 19 times out of 20. The margin of error within subgroups of the sample will be higher.

About RBC and financial advice, tools and resources All Canadians can visit the RBC Advice Centre rbcadvicecentre.com for guidance on how to handle their debt. Interactive tools and calculators, such as the Debt Reduction Plan and Debt Consolidation Calculator, provide customized information covering all facets of saving and using credit. For RBC personal banking clients, an online financial management tool, myFinanceTracker, is available at no cost to create a set budget and track their spending habits.

SOURCE RBC

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