Lower Mainland and Victoria Residents on Holiday Spending, Debt and RRSP Contributions

Vancouver, BC - A new Ipsos Reid poll, conducted on behalf of Vancity in the Lower Mainland and Victoria, shows that seven-in-ten (70%) residents agree that `financial institutions have an obligation to help their clients manage debt.' Just 22% of residents disagree with this idea.

Yet, many residents are unsure their financial institution lives up to this obligation when it comes to credit card debt. Fewer than four-in-ten (38%) Lower Mainland and Victoria residents agree that `when it comes to credit card debt, my financial institution has my best interest at heart.' A slightly greater number of residents disagree (42%) and two-in-ten are undecided (20%).

Residents are also split on whether their financial institutions raise credit limits to encourage more debt. Forty-four percent agree that `my financial institution increases my credit card limit to encourage credit card debt,' while 40% disagree and 16% are unsure.

The poll found two-thirds of residents (65%) used credit cards or a credit line to pay for some or all of their 2014 holiday spending. Rather optimistically, only a small handful (7%) of residents say they think they will carry a balance from their holiday spending on their credit card (or credit line) instead of paying it all off in the next billing cycle.

As we move from holiday season, to the season of RRSP contributions, the poll found that one one-quarter (25%) of residents plan to make an additional/lump sum contribution between now and the March deadline. Among those not planning to make a contribution, the top reasons given include `not being able to afford it' (29%), `never investing in RRSPs' (17%) and `already contributing a specific amount each month/pay cheque' (15%).

These are the findings of an Ipsos Reid poll of 504 adults in BC's Lower Mainland and Victoria. The survey was conducted online using Ipsos Reid's national online household panel between December 28-29, 2014. These data were statistically weighted to ensure the sample's age and sex composition reflects that of the actual Lower Mainland and Victoria population according to 2011 Census data. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 5.0 percentage points had all Lower Mainland and Victoria adults been surveyed. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

For more information on this news release, please contact:

Kyle Braid
Vice-President
Ipsos Reid
Public Affairs
778-373-5130
[email protected]

About Ipsos Reid

Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.

To learn more, please visit www.ipsos.ca.

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks third in the global research industry.