Ashif Ratanshi, head of Branch Investments, Deposits and Direct Investing at RBC said that Canadians are reacting to the economic downturn by looking for ways to minimize expenses and maximize their earnings.

According to the survey, 56 per cent say they have stopped buying non-essential items and 44 per cent are eating out less or bringing their lunch to work in an effort to save more. One-in-six young Canadians aged 18-34, have taken a part-time job to maximize their cash flow.

Canadians are also looking for better value. According to the survey, 96 per cent of respondents said that quality and better value for money was important to them. While 65 per cent rated lower cost and fees as being very important, 52 per cent wanted a company with a solid reputation. Fifty-nine per cent valued a predictable fee that did not change month to month and 32 per cent thought receiving something above and beyond the product or service was very important.