RBC Canadian Account Habits Survey

Toronto, ON - A recent Ipsos Reid survey conducted on behalf of RBC Financial Group finds that on average Canadians opened their first bank account when they were 13 years of age and many (45%) opened this account to deposit earnings form their first job.

Interestingly, the survey found that many of us (44 per cent) still bank with the same financial institution where we opened our first account. This is especially true for Quebecers, who are far more likely than other Canadians to keep an account open (59 per cent) with their original financial institution.

Thinking back to their formative years, Canadians with a bank account indicate that they learned the most about managing and saving money from their parents, especially their mother (56%) (40% learned from Dad). Seven percent say they learned the most from other family members such as grandparents, aunts/uncles, and/or sibling.

Nearly all (94%) Canadians with a bank account use a debit card, two-thirds (64%) using it regularly. Opinions differ on how much is enough to consider paying debit, with just as many who say $2.00 or less (15%) as those who say more than $20.00 (14%). To be expected, those 18-54 years of age are more likely to regularly use their debit card (69% vs. 53% of those 55+). The survey findings also suggest that women are more likely to opt for debit (70% vs. 58% of men).

Half (52%) of Canadians with a bank account say they carry less cash now than they did two years ago and most (70%) have consciously left home without cash. As might be expected, regular debit card users are most likely to rely less on cash (59% carry less cash now and 78% have knowingly left home without cash). Moreover, most Canadians (56%) have found themselves at a checkout without cash and most (62%) used their debit card instead.

These are some of the findings of an Ipsos Reid/RBC Financial Group poll conducted from May 23 to 29, 2006. A representative randomly selected sample of 2,000 adult Canadians with a bank account was surveyed online. With a sample of this size, the results are considered accurate to within +/-2.2 percentage points, 19 times out of 20, of what they would have been had this entire population been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. The results were weighted to Census data.

For more information on this news release, please contact:
John Wright
Senior Vice President
Ipsos Reid Public Affairs
(416) 324-2900
[email protected]

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 300 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.

Ipsos
Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.

Member companies assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media. They measure public opinion around the globe.

Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999. In 2005, Ipsos generated global revenues of e717.8 million ($853.8 million U.S.).

Visit www.ipsos.com to learn more about Ipsos offerings and capabilities.