Canadians More Optimistic as Summer Begins

As the Canadian economy continues to recover, so do the attitudes of Canadians toward it. According to the June RBC Canadian Consumer Outlook Index, 67 per cent of Canadians believe that the overall outlook of the economy is good. To compare, this is a 13 per cent increase from the last quarter. Just 20 per cent of Canadians feel that they are facing job anxiety, a number that has also improved by two per cent since March. 55 per cent of Canadians think that the country’s economy will continue to improve in the next year.

In terms of saving money for things such as education or retirement, 34 per cent of Canadians are more confident than they were three months ago that they will be able to do so.

“It's great to see Canadians' confidence in the economy rebounding and certainly economic forecasts support that trend," said Lee Anne Davies, head of Retirement Strategies for the Royal Bank of Canada. “Increasing interest rates affect all of us through our savings, investments and debt. This is an opportunity to review your financial situation to determine if things have changed and make any adjustments to ensure you are on track.

As Canadians keep a positive attitude and continue to spend, the Canadian economy should overall continue to recover, according to Paul Ferley, assistant chief economist for RBC. “With increases in consumer, housing and government spending, Canada's economy is on track for solid GDP growth of 3.6 per cent in 2010. Looking ahead, continued strong domestic demand and positive signs in the job market indicate that the recovery will continue in the near term.”