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Special Reports

 

Canadians paying more attention to expenses as a result of economic downturn, RBC poll

Looking at brown bag lunches and part-time jobs as ways to save

TORONTO, May 25, 2009 — Six-in-ten Canadians kept a closer eye on their monthly expenditures in the past six months, according to the fourth annual RBC Account Habits Poll.

"Canadians are reacting to the economic downturn by looking for ways to minimize expenses and maximize their earnings," said Ashif Ratanshi, head, Branch Investments, Deposits and Direct Investing, RBC. "Looking at all your expenses - everything from how much you spend on coffee to finding out whether you qualify for free banking - and making changes where it makes sense, can really have an impact. Today, for example, almost half of RBC customers in Canada receive a rebate on their banking or bank for free."

According to the survey, 56 per cent say they have stopped buying non-essential items and 44 per cent are eating out less or bringing their lunch to work in an effort to save more. One-in-six young Canadians (aged 18-34), have taken a part-time job to maximize their cash flow.

Canadians are also looking for better value. According to the survey, 96 per cent of respondents said that quality and better value for money was important (66 per cent very important) to them. While 65 per cent rated lower cost/fees as being very important, 52 per cent wanted a company with a solid reputation. Fifty-nine per cent valued a predictable fee that did not change month to month and 32 per cent thought receiving something above and beyond the product or service was very important.

"People want quality products and services at an affordable price, and to feel they are being rewarded for their business," said Chris Barber, director, Personal Banking. "With that in mind, for the first time, RBC is offering our account holders the opportunity to receive RBC Reward points when they open selected bank accounts. We also offer accounts with predictable fees and an opportunity to earn free banking services through our Multi Product Rebate feature."

If a new or existing client opens or upgrades to the RBC Signature No Limit Banking, RBC VIP Banking or RBC No Limit Banking for Students account from May 1 to August 31, they can earn up to 15,000 RBC Rewards points, depending on the account they open. For more information on how to qualify for the rewards, please visit www.rbcroyalbank.com/expectmore.

These are some of the findings of poll conducted by Ipsos Reid from
April 23 to 27, 2009. This online survey of 1,024 Canadians was conducted via the Ipsos I-Say Online Panel, Ipsos Reid's national online panel. The results of this poll 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. Statistical margins of error are not applicable to online polls, however, an unweighted probability sample of this size, with a 100 per cent response rate, would have an estimated margin of error of ± 3.1 percentage points, 19 times out of 20, had the entire adult population of Canada been polled.

- 30 -

Media contact:
Stephanie Lu, (416) 974-5506


 

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RBC 2009 Account Habits Poll
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05/25/2009 10:07:34