Royal Bank of Canada’s (RBC) quarterly
Consumer Outlook Index (CCO) has reported that Canadian consumers
are feeling the pinch.

The survey found that 39% of respondents
plan to pay off debt as much as possible; 30% of those surveyed
were focused on spending less, 23% were looking to save or invest
more while 25% said they intend to do all of these.

Dave McKay, group head, Canadian Banking
at RBC said:

“Being able to save depends on effectively
handling your expenses, so it’s good to see Canadians are focused
on managing their debt, expenses and savings.

“We’re focused on helping every client
find the right balance between taking on debt and growing their
savings, based on their needs today and in the future.”

The quarterly RBC CCO takes the pulse of
Canadians on a number of topics, including consumer outlook for
three key indices: national economy, personal financial situation
and job anxiety.

Over the next year and compared to the
last quarter, 42% of respondents feel the Canadian economy will
improve (down 1%); 39% feel their own personal financial situation
will improve (up 1%); and 22% are worried about job loss or being
laid off (up 2%).