BANKS ATTEMPT IMAGE BOOST
By Adnews Staff
Canadian banks are trying to improve their image with the public. The Canadian Bankers' Association launched a TV campaign this week that will try to educate the public about the economy and the banks' role in it. Brochures will be distributed in the spring and information seminars will also be offered. The cost of the campaign is $20 million. It was created in-house, with the help of McLaughlin & Associates of Toronto. CBA decided to launch the campaign after an poll showed people know little about the economy and have low opinions of banks. Only 17% of Canadians can be considered knowledgeable about the economy, according to the study done by The Strategic Counsel Inc. of Toronto. The rest have only limited or extremely limited economic knowledge. Two-thirds of respondents said they could improve their financial future if they knew more about the economy and how it affects them. Seven out of 10 respondents could not identify the current inflation rate and one third believe incorrectly that mutual fund investments are insured by the government. Six out of 10 Canadians do not know the amount of the federal deficit or debt and less than one in 10 knew the maximum amount they can contribute to an RRSP annually. Only 20% said they have a detailed plan for their financial future and 29% said they are confident the Canada Pension Plan will be around to provide them with at least part of their retirement income. Over 50% said they expect today's youth to be worse off than their parents. Thirty-six per cent said they would most likely turn to a professional advisor for financial advice, while 23% said they would turn to a bank, trust company or credit union.