Canadians looking for ways to save more every day

Two-thirds of Canadians say they're open to switching banks for greater everyday savings and rewards, according to new President's Choice Financial survey

TORONTO, Feb. 19, 2013 /CNW/ - With the penny soon to be a distant memory, RRSP deadlines only days away, and annual income-tax time looming, an overwhelming majority of Canadians are looking to find ways to save even more in their everyday lives. According to a new nationwide survey released today by President's Choice Financial®, an overwhelming majority of respondents said they're open to switching banks or credit cards if it means they could cut costs or earn higher rewards.

The survey, conducted by Leger Marketing on behalf of PC Financial® as part of an ongoing research series on Canadian family finances, found that despite challenging economic times, Canada is still fundamentally a nation of savers—and most people have some type of investment or savings accounts.

Still, it's not always easy putting money aside. A sizable majority of respondents (68 per cent) said they've recently had to curtail spending in response to higher living expenses or debt—and are eager to better balance spending and saving, with 66 per cent stating that they would likely switch bank accounts or credit cards, if they knew it would result in lower fees and/or higher rewards.

What does the future hold? A significant number of those surveyed expect interest rates on savings accounts and investments to remain relatively unchanged in the next few years (53 per cent and 42 per cent, respectively). At the same time, many predict interest rates (53 per cent), bank fees (61 per cent) and credit card fees (47 per cent) will rise.

"We know that 84 per cent of Canadians have some form of savings, such as RRSPs, investments or everyday bank accounts," said Barry Columb, President of President's Choice Bank. "Yet most of those who say they're unable to save are also telling us they have trouble making ends meet. That's why we encourage all Canadians to educate themselves about money-saving options, such as the PC Financial no catch, no fee daily banking account, which would also allow them to earn rewards for everyday items like free groceries."

Among the survey's other key findings:

• Nearly two thirds of Canadians (63 per cent) who are not saving say it's because they simply don't have enough money to do so;
• 25 per cent of Canadians say they have accumulated more debt over the past year, while 30 per cent say their debt levels have remained the same and 42 per cent have lowered their debt;
• 73 per cent of Canadians with debt say that they've had to adjust their spending habits;
• 67 per cent of those surveyed say they expect to have less debt at this time next year, compared with 10 per cent who expect to have more and 20 per cent who predict their indebtedness will remain the same; and
• Households with children under 18 are more likely to say their spending habits have been affected than those with no children under that age (79 per cent versus 62 per cent).

"It's challenging for many Canadians, especially families, to balance spending and saving without having to constantly make sacrifices," said author and TV personality Kathy Buckworth, Chief Family Advisor for President's Choice Financial® and herself a mother of four. "Cutting bank fees while earning everyday rewards is a simple, convenient way to make your money work even harder for your family all year round."

Canadians are encouraged to visit a PC Financial pavilion located at Loblaw banner stores or log on to www.pcfinancial.ca and explore how they can make smart financial decisions—no matter what their budget.

About the survey

The President's Choice Financial survey was completed online using Leger Marketing's online panel, Leger Web, with a representative sample of 1,516 Canadians between January 28 and January 30, 2013. A probability sample of the same size would yield a margin of error of ± 2.5%, 19 times out of 20.

President's Choice Financial

President's Choice Financial services are a unique financial service offering designed by Loblaw Companies Limited. The President's Choice Financial MasterCard is provided by President's Choice Bank, while banking services are provided by the direct banking division of CIBC.  For more information visit www.pcfinancial.ca or follow us on Twitter @pcfinancial

About Loblaw Companies Limited (TSX: L)

Loblaw Companies Limited, a subsidiary of George Weston Limited, is Canada's largest food retailer and a leading provider of drugstore, general merchandise and financial products and services. Loblaw is one of the largest private sector employers in Canada. With more than 1,000 corporate and franchised stores from coast to coast, Loblaw and its franchisees employ more than 135,000 full-time and part-time employees. Through its portfolio of store formats, Loblaw is committed to providing Canadians with a wide, growing and successful range of products and services to meet the everyday household demands of Canadian consumers. Loblaw is known for the quality, innovation and value of its food offering. It offers Canada's strongest control (private) label program, including the unique President's Choice^®, no name^® and Joe Fresh^® brands. In addition, the Company makes available to consumers President's Choice Financial^® services and offers the PC^® points loyalty program.

SOURCE: President's Choice Financial

or to schedule an interview: 

Michelle Reidel
President's Choice Financial
647.278.1598
[email protected]

Irene Poon,
Argyle Communications
416.968.7311 Ex. 246
[email protected]