Canadians paying more attention to expenses as a result
of economic downturn, RBC pollLooking 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.
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Media contact:
Stephanie Lu, (416) 974-5506
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