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American consumer sentiment has virtually flatlined as summer draws to a close, according to the RBC CASH (Consumer Attitudes and Spending by Household) survey.

Confidence in their local economy and personal finances has been volatile over the summer, and the CASH index managed only a 2.5 point gain in the latest survey, released Thursday. That puts the index at 40.0, its highest level since May 2009.

“The headline received a boost from expectations about the future, but the here-and-now ‘current conditions’ index fell yet again,” said RBC Capital Markets U.S. economist Tom Porcelli. “Given the strong relationship that exists between the current conditions index and consumer spending, this is not an encouraging signal, as the rise in the overall RBC Index should be taken with a grain of salt.”

The current conditions reading slid lower to 33.2, a decline of 3.4 points since the August survey. Thirty-seven per cent of respondents said their current personal financial situation was weak, up from 32% in August.

Confidence toward investments fell seven points to 36.9, with only 34% saying now is a good time to invest in the markets, while 48% thought the real estate market looked good.

To read the full report, click here.

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CICA offers tools on privacy

The Canadian Institute of Chartered Accountants (CICA) has developed a toolkit to help organizations identify risks to data security and privacy.

Given the vast quantities of personal information that advisors gather on their clients, such a toolkit could be useful to members of the financial services industry.

“The Canadian Privacy and Data Security Toolkit for Small and Medium Enterprises” was authored by Claudiu Popa, a security industry veteran and president of Informatica Security Corporation.

The toolkit includes a comprehensive self-assessment to help determine your organization’s information risks; ready-to-use advice on privacy and security risks in key areas such as accounts payable, sales and marketing; and a resource-filled CD-ROM containing checklists, informative articles, training templates and a customizable privacy policy.

“While technological advances offer undeniable benefits in terms of convenience and efficiency, they also provide organizations with the ability to collect, access and manipulate personal data on a scale that was until recent times unimaginable,” said Jennifer Stoddart, Privacy Commissioner of Canada. “New guidance to assist in adequately protecting this sensitive information is most welcome.”

(09/03/09)