Majority of young Canadians (18-24) worry about not being able to meet living expenses: CIBC poll
CIBC launches Smart Start benefit for clients under 25, offering no monthly fees and unlimited transactions
TORONTO, May 18, 2022 /CNW/ – Financial stress starts young. A new survey by CIBC reveals that the majority (65%) of young Canadians aged 18 to 24 worry about not being able to meet their living expenses. The most common contributor to financial stress among young Canadians is simply having enough disposable income to enjoy themselves, with more than a third (38%) identifying this as a top financial concern.
To help young Canadians adopt good financial habits early in their financial journey, CIBC has launched its new Smart MT Start Benefit, a free banking solution accessible to customers up to 25 years old.
“Young Canadians want to enjoy the present and set themselves up for success. Whether they choose to enter the workforce, take a gap year or pursue post-secondary education, CIBC is committed to helping young people achieve their ambitions,” says John Ferren, Senior Vice-President, Deposits, Personal and Business, CIBC. “That’s why we launched Smart Start, which offers unlimited transactions, no monthly fees and a host of other benefits until our customers reach their 25th birthday.and birthday.”
Introducing CIBC Smart Start
The CIBC Smart Advantage, available to everyone up to age 25and anniversary when they open a CIBC Smart account, makes banking easy and convenient with:
- No monthly fees;
- Free and unlimited transactions, including: sending money with Interac Electronic transfer, Visa debit purchases and bill payment;
- One fee rebate on a non-CIBC ATM withdrawal (in Canada) per month;
- Access to CIBC Insights (a feature available on the CIBC Mobile Banking app), which:
- Tracks and summarizes expenses across all categories;
- Flags duplicate transactions;
- Signals when your bills are higher or lower than usual;
- Encourages savings;
- Allows you to set spending limits at your favorite stores and locations;
- CIBC Smart Balance Alerts, a text alert you can receive when your funds are low, so you can transfer funds to avoid dishonored payments and insufficient funds charges (NSF); and,
- Free trading with CIBC Investor’s Edge, including free online stock and ETF trading, no annual account administration fees and no minimum balance required.
Saving remains a challenge
While 69% of young Canadians (aged 18-24) consider themselves “good at saving” and 48% describe themselves as “savers”, when asked about their monthly savings habits, 42% say that they are unable to save. right now.
“Every little bit counts, especially in the early years of your financial journey,” says John Ferren. Smart Start gives young people access to handy tools and features that make it easy to develop healthy financial habits, and with no monthly fees, that means more money for the things or experiences they want most, or money they can set aside for the future.”
Gen Z are more open about their finances than their parents – and willing to ask for advice
More than two-thirds (69%) of Canadians aged 18-24 think people their age are more open to discussing their finances than their parents were at the same age. But young Canadians also worry about keeping pace with their peers – half (50%) feel they are financially behind others their age.
When it comes to seeking financial advice, 51% of young Canadians rely on friends and family for financial advice. Banks also remain an important place young Canadians turn to for financial information, with 35% seeking help from a financial advisor or bank staff member, and 26% going to their bank’s website. As for online forums and other websites? Only 16% of Canadians aged 18-24 turn to sites like Reddit and message boards, with the same percentage turning to financial or general news sites or newspapers for advice.
In addition to Smart Start, CIBC offers products, resources and partnerships to specifically support students pursuing post-secondary education, including:
- A variety of credit card options so they can earn rewards while building a credit history;
- A line of credit for education;
- Free SPC+ membership for eligible student and youth customers;
- Access to exclusive partner programs and content with Student Life Network, and,
- A new digital student budget calculator that easily guides students through the process of creating a full-year budget, with valuable information on how to fund their post-secondary education, build savings, manage expenses, etc.
For students graduating at age 25 or older, the CIBC Smart Account with the CIBC Smart for Students benefit is available until the date of graduation plus six months, up to a maximum four and a half years old.
Research Survey Disclaimer:
This public opinion of Maru survey conducted on behalf of CIBC was conducted by Maru/Blue’s sampling and data collection experts. Since April 7 as of April 17, 2022, an online survey of 1,251 randomly selected Canadian adults, ages 18-34 and Maru Voice Canada panelists was performed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 3%, 19 times out of 20.
CIBC is a leading North American financial institution with 11 million personal, commercial, public sector and institutional banking customers. In Personal and Commercial Banking, Business Banking, and Wealth Management and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network and its locations across Canada, with offices in United States and around the world. Current press releases and more information about CIBC are available at www.cibc.com/en/about-cibc/media-centre.html.
For further information: Davina Ramnarine, [email protected] or 416-309-7956