CALGARY — Albertans are the most likely people in Canada to expect their personal financial situation will improve as well as believing the Canadian economy will get better in 2013, according to the quarterly RBC Canadian Consumer Outlook released today.
The survey also said Albertans are the least likely to be anxious about potential job loss.
Heading into 2013, more (43 per cent) Alberta consumers feel their personal financial situation will improve than they did at this same time last year (39 per cent).
Throughout Canada, 37 per cent feel their personal financial situation will improve, up from 32 per cent last year.
The report said 42 per cent of Albertans expect the Canadian economy will improve, up from 37 per cent last year while only 29 per cent of Canadians felt the same way, up slightly from 26 per cent a year ago.
Only 15 per cent of people in Alberta said they were anxious about a potential job loss, down from 19 per cent last year. Nationally, 22 per cent of Canadians, the same as last year, felt that way.
And the survey showed that 22 per cent of Albertans, the same as last year, expect their local economy to improve. Nationally, 16 per cent of Canadians were positive in this response, up from 12 per cent last year.
RBC said 29 per cent of Albertans plan to reduce their debt in 2013, 23 per cent plan to spend less, 25 per cent plan to save or invest more, and 29 per cent plan to take all those actions.
Nationally, 31 per cent of Canadians plan to reduce their debt in 2013, 26 per cent plan to spend less, 20 per cent plan to save or invest more and 25 per cent plan to take all those actions.
“Canadians may believe brighter days are ahead because they are making resolutions to better manage their finances by reducing debt and curbing spending not because of their outlook on the Canadian economy,” said Richard Goyder, vice-president of personal lending, RBC. “While New Year’s resolutions may start with great intentions and fizzle out later in the year, setting out a plan to reduce your debt, keep it under control and save more for that rainy day will help keep you on track.”
The most recent Economic and Fiscal Update issued by the federal government in November estimated that Canada’s real GDP will grow by 2.0 per cent in 2013. RBC Economics is currently forecasting the Canadian economy will grow by 2.4 per cent in 2013 and will be releasing its next Economic and Financial Outlook in December.
“The Canadian economy has been growing at a rate close to its long-run potential,” said Craig Wright, senior vice-president and chief economist, RBC. “However, we will have a sharper picture of Canada’s future growth prospects when the U.S. addresses the fiscal cliff and European policy-makers can move the eurozone out of recession and address fiscal and financial market imbalances.”