Canadian consumers have gained more confidence about the economy, although a large majority of them remain concerned about rising interest rates, according to a recent survey.
While 67 per cent of Canadians say they believe the overall outlook of the economy is good, up from 54 per cent last quarter, the exact same number, 67 per cent, indicates they are concerned about rising interest rates, according to the June RBC Canadian Consumer Outlook Index.
In addition, 84 per cent of the survey’s respondents expect to see a rise in the next six months, a 15 percentage point increase from March.
Looking ahead, 55 per cent of Canadians believe the national economy will improve over the next 12 months; however, this figure is down by two points from March as a result of four regional decreases, suggesting there is still concern among Canadians about the sustainability of the recovery.
For instance, the index found that only 34 per cent of Canadians feel their ability to save money for things like retirement or education had improved from three months ago, which is a five-point drop from last quarter.
Thirty-seven per cent indicated they have less money left over after they pay their bills compared to three months ago, and looking ahead to the next three months, 20 per cent remain concerned that this situation will worsen.
On a positive note, only 20 per cent are experiencing job anxiety, down seven points from its height last November.
Still, the index remained flat at 108 points from last quarter.
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