| |
More Canadians are debt-free in 2012: RBC poll
On average, Canadians carry $13,141 in personal
debt
TORONTO, October 10, 2012 - A year later, more Canadians
have no
personal (non-mortgage) debt (26 per cent in 2012, up
from 22 per cent in 2011), according to the 2nd Annual RBC
Debt Poll. On average, Canadians carry
$13,141 in personal debt, up $84 from a year ago, with Ontarians
carrying the most debt ($15,361) and Quebecers with the least
($10,171).
While four-in-ten Canadians (40 per cent) describe themselves
as "comfortable"
with their current personal debt level (compared to 45 per
cent in 2011), one-in-three Canadians (34 per cent) admit
their debt level causes them anxiety (compared to 32 per cent
in 2011).
"Many Canadians have some level of comfort with their
personal debt, but the very personal nature of carrying debt
can often stir up mixed emotions," explained Richard
Goyder, vice-president of personal lending, RBC. "It's
encouraging that the results show more Canadians have become
debt-free over the past year and that those who still have
debt want to do more to reduce it."
The RBC Debt Poll found that just over half of Canadians
(51 per cent, compared to 49 per cent in 2011) say it is more
important to pay
down debt than save and invest for the future right now.
Four-in-ten (41 per cent, down from 44 per cent in 2011) place
an equal importance on saving and investing, as well as paying
down debt. Meanwhile, a minority of Canadians (eight per cent)
think now is the time to save and invest for the future, rather
than pay down debt.
Similar to a year ago, caution around adding to their debt
load has led some Canadians to delay or cancel purchases or
plans, such as taking a vacation (26 per cent, compared to
24 per cent in 2011) and buying a big ticket item (19 per
cent, compared to 20 per cent in 2011).
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 2nd 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.
- 30 -
For more information, please contact:
Ka Yan Ng, RBC Communications,
(416) 974-1794
Kathy Bevan, RBC
Communications, (416) 974-8810
|
|
