Industry research suggests that students are optimistic about their
future finances, but not satisfied with their current financial situation
TORONTO, Aug. 16 /CNW/ - Heading to college or university can be an
exciting time, but it also presents new challenges to students, some of
whom may be taking ownership of their finances for the first time and
making decisions that will influence their future financial situation.
Recent industry research indicates that 69% of Canadians aged 18-24 are
optimistic that they will be better off financially one year from now.
However, only 30% are satisfied with their current financial situation,
and 41% say they wish they were more confident about making financial
"It's encouraging to see that students are optimistic about their
financial future, but reaching that goal of having a better financial
situation tomorrow means taking some simple steps today to set
themselves up for success," says Christina Kramer, Executive
Vice-President of Distribution Services for CIBC Retail Markets. "One of
the keys to reaching financial goals and building confidence is to work
within a simple budget and stay on top of where you are spending your
money to help you plan ahead and stay ahead once the school year begins."
Students can take charge of their money and gain financial confidence
with these simple tips from CIBC:
Minimize your banking fees: Look for a banking
package that offers benefits to students to help keep your costs down.
As a full-time student attending an accredited Canadian university or
college, you can cut costs by opening a bank account with CIBC
Advantage® for Students benefits that offers
free everyday banking (including free withdrawals at CIBC bank
machines) with no monthly fees and no limit on the number of monthly
Make a budget and stick to it: As the foundation
of a good financial plan, a budget can help you stay on track towards
your goals. Use it to determine your fixed costs, like rent and
utilities, and estimate your variable expenses, like food and
entertainment, while taking into consideration one-time expenses like
trips home and course materials. Making a budget and sticking to it is
made easier with the free online student budget calculator at href="../../Local Settings/Local Settings/Temporary Internet Files/Local Settings/Local Settings/Local Settings/Temporary Internet Files/OLK1/www.cibc.com/ca/student-life">www.cibc.com/ca/student-life.
When you know what your future expenses look like, you can make more
informed decisions today about what you can afford to buy, and what
Stay on top of your account: Living within your
budget means staying on top of where your money is going on a monthly
basis, particularly in September when expenses for course materials
can put an immediate dent in your budget. Look for flexible banking
options that allow you to manage your money on the go so you'll always
know what's in your account. CIBC offers online and telephone banking,
and also gives students the option to bank on the go through CIBC
Mobile Banking for iPhone, Blackberry®, or another Smartphone. You can
use mobile banking to check account balances, pay bills, send or
receive INTERAC Email Money Transfers, or find out where the closest
CIBC ABM is to your current location to help you save on banking fees.
Look for free tools to help you monitor expenses:
Manage your spending with free tools that help you keep track of your
money. Using a debit card and reviewing your account history on your
mobile device or laptop allows you to see exactly where you're
spending your money and can help with budgeting. If you choose to use
a credit card, look for one that offers tools to help you stay on top
of your spending. CIBC CreditSmart credit management tools help track
and manage spending by organizing purchases into 10 common spend
categories. You can create customized monthly budgets online and set
up Spend Alerts that notify you when you've exceeded your customized
budget or are nearing your credit limit.
"It's never too early to create a financial plan that helps you manage
your finances in school and start building for the future," says Kramer.
"By following these simple tips, students can start building their
financial confidence and take control of their finances to come out
More useful financial advice, calculators, product information and
articles about student life written by students can be found at www.cibc.com/ca/student-life.
For more information and advice, visit href="http://www.cibc.com/">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 href="http://www.cibc.com/">www.cibc.com.
Data source - Ipsos Canadian Financial Monitor: A profile of 18
to 24 Households, 12 months of data ending
Ipsos Reid, July 2010. Responses show agreement of 7 or more on a scale
of 1 to 10.
For further information: For further information:
Geoff Dillon, Senior Director, Corporate Communications Tel: 416-309-3266, firstname.lastname@example.org or Rob McLeod, Senior Director, Corporate Communications, CIBC, Tel: 416-980-3714, email@example.com