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Canadians keeping a close eye on their spending

By Mario Cywinski |

Majority of Canadians have been keeping track of their spending over the last six months, as the recession continues in Canada, according to a new poll.

Sixty per cent of Canadians are not spending are freely as before, concluded 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."

Of those surveyed, 56 per cent do not buy non-essential items anymore, and 44 per cent have decided to eat out a lot less. Some other findings included:

  • 96 per cent of Canadians want better quality and value for their money;
  • 65 per cent said lower cost/fees are very important;
  • 52 per cent want to purchase from a company that has a solid reputation;
  • 59 per cent want a predictable fee which does not change monthly;
  • and 32 per cent want a company to go above and beyond their products and service.

"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.

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