Over 40% of Canadians say they plan to pay more attention to their holiday budget this year - smartphones and mobile banking are helping Canadians budget on the go
TORONTO, Dec. 6 /CNW/ - Over 40% of Canadians are paying more attention to their holiday budget in 2010 when compared to last year, according to a recent CIBC Poll. Canadians who use smartphones are using tools such as mobile banking that let them check in on their accounts while they're out shopping to help them stay on budget during the busy holiday season.
Some of the highlights of the poll include:
- Four-in-ten (42%) of respondents feel they need to pay more attention to staying on top of their holiday spending this year when compared to last holiday season
- One-quarter (26%) acknowledge there have been times where they have lost track of what's in their bank account during the busy month of December
- Among those respondents with a smartphone (20%), two-thirds (66%) say they use their smartphone as part of the holiday shopping experience, including activities such as taking pictures of merchandise, comparing prices, and checking their bank account balance while they are out shopping
- Additionally, more than one-third (37%) of Canadians said that having access to their banking information while they are out shopping would make it easier for them to stay on budget during the holidays if they had the technology. Among those aged 18 to 34, this number increases to 54%.
"Staying on budget is clearly top of mind for many Canadians this December," said Christina Kramer, Executive Vice-President, CIBC Retail Markets. "The emergence of mobile banking and other online tools provides an opportunity to know exactly what you are spending while you are on the go at the mall or at your favourite local retailer."
Earlier in 2010, CIBC became the first major Canadian bank to offer a mobile banking App for iPhone, followed closely by mobile banking enhancements for clients using a BlackBerry, Android, or other smartphones.
"Having access to CIBC Mobile Banking when you are out holiday shopping is like having the bank in your pocket - you'll know exactly what's in your account, what you've spent recently, and can even make a transfer between accounts while you wait in line to checkout," added Kramer. "Canadians are increasingly using their smartphones while they do their holiday shopping, and tools like CIBC Mobile Banking provide a flexible option to stay on top of your account activity and stay on budget."
Clients can also receive email alerts while they are on the go to stay on top of their CIBC credit card purchases. For example, using CIBC CreditSmart, clients can log in to CIBC Online Banking to establish an overall spending limit for their credit card purchases, and be notified by email when they reach that limit. In addition, they can also establish a customized holiday shopping budget, and can sort their credit card purchases to see exactly what they've spent so far that month.
"Tools like CIBC CreditSmart and CIBC Mobile Banking are just two of the ways that clients can stay on top of their spending this holiday season," added Kramer. "What you choose to spend on the holidays will depend on your own financial goals, but sticking to your budget once you've set it is something everyone should aim for."
These are some of the findings of an Ipsos Reid /CIBC poll conducted from November 26th to 28th, 2010. For this survey, a sample of 1,049 Canadians from 18 to 65 + years of age, from Ipsos' Canadian online panel was interviewed online. Weighting was then employed to balance demographics and ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. With a sample of this size, the results are considered accurate to within ± 3 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. These data were weighted to ensure the sample's regional and age/sex composition reflects that of the actual Canadian population according to the 2006 Census data.
For more information and advice, visit www.cibc.com or your local CIBC branch, or call 1-800-465-CIBC (1-800-465-2422).
CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.
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