Reports on PwC Survey Showing Canadians Cutting Back on Big Ticket Items

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Consumers taking Ottawa’s advice on debt

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Big4, the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers, PwC is reporting on a new PwC survey whereby Canadian respondents are willing to put off the purchase of a new car, a new house , new electronics and other big ticket items, apparently heeding their government’s warning about debt reduction. notes the survey by PwC saw fear the debt couldn’t be repaid (47%), the economy (46%), and uncertainty in the financial markets (33%) as the big reasons Canadians are willing to reign in their personal debt.
John MacKinlay, Leader of PwC’s National Financial Services Consulting and Deals practice commented:

“Across the board, we are seeing a new desire by Canadians to cut back on major expenditures from our survey a year ago. Clearly, they are heeding the various warnings from the federal government and the Bank of Canada,” he said.

Looking at the results, noticed there was a planned reduction in many categories like the 69% of respondents that will delay a new car purchase and the 62% who will delay upgrading their home. On another interesting note, 58% of all retired respondents carried some debt according to the survey, with 42% carrying more than $10,000.

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Kristy Short
(734) 481-0186

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Kristy Short
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