Canadians less optimistic about economy compared to a year ago
Canadians are less optimistic about the outlook for the national economy and their personal financial situation in 2011 than they were last year, according to the January 2011 RBC Canadian Consumer Outlook Index (RBC CCO). Less than half (43%) of Canadians feel the economy will improve over the next year, a marked decline from the 56% reported in last January's RBC CCO. Also, only 38% of Canadians now feel their personal financial situation will improve over the next 12 months, compared to 45% a year ago.
The prevailing mood was reflected in the tight rein many Canadians kept on their expenses over the past holiday season, with 67% responding that they managed not to overspend their holiday budgets. Of this majority, 28% reported they had kept track of their spending by making a budget and sticking to it; 26% said they knew how much they had to spend and “once the money was gone, that was it.” Undoubtedly the largest number of respondents (46%) said they had remained within their budget since they didn't want to go into debt or increase their debt load.
Despite the cautious economic outlook expressed by the majority of Canadian respondents, there are indications that Canada's economy will continue to grow in 2011 and 2012.
(Source: RBC Financial)
What our Clients Say
Michael Andlauer, Chairman, Andlauer Management Group
“Our evolution to a national transportation and logistics group has provided many challenges. Over the last 10 years, the SB Partners team has contributed to our success by offering creative financial and business advice along the way.”