New CIBC poll finds students struggling with finances. The Student Life Bundle aims to simplify budgeting
A new poll by Student Life Network on behalf of CIBC finds that 95 percent of students polled consider managing their finances important for their overall student life.
However, nearly 63 percent of the respondents rely on mental math to manage their finances. Additionally, less than half (44 percent) feel confident in their financial literacy as they handle the increased financial freedom and responsibility of post-secondary education.
“Starting your academic career comes with a mix of emotions, including the potential for some stress related to taking charge of your finances,” says Michael Clabby, executive vice-president, head of Digital, Data and Strategy, CIBC.
“Students are looking for digital solutions to help them establish their financial independence to prepare for life after school.”
To support students beginning their academic journey, CIBC has introduced the CIBC Best Student Life Bundle. This digital-exclusive offer allows new CIBC international and Canadian post-secondary clients to apply for essential student banking products and services in one application, taking less than 15 minutes.
The CIBC Best Student Life Bundle includes a no-fee Smart Start or Smart for Student chequing account for managing daily expenses, an eAdvantage Savings account to encourage saving, and a choice of student credit card to help build credit history.
Students who join CIBC online at CIBC.com receive an additional $50 bonus and can earn up to $250 cash back, which can be used towards other expenses to enhance their student life experience.
The survey highlights that most students rely on mental math to manage their expenses, with only 29 percent expressing confidence in their financial situation.
Clabby emphasizes the importance of students being aware of the financial resources available to them, especially during this transitional time with new and unexpected costs. These resources can help build confidence, develop lifelong financial habits, and contribute to work-life balance.
Budgeting apps and working with an advisor can help students achieve their academic ambitions and prepare for success after graduation.
Nearly a quarter of students report that technology (24 percent) and entertainment (24 percent) are their biggest expenses while at school. Additionally, 56 percent of students have future travel ambitions.
To assist students with everyday purchases and saving for school essentials, CIBC has renewed its exclusive partnership with Student Price Card (SPC), Canada’s popular student discount program.
CIBC youth and students are eligible for a free SPC+ membership, which provides over 450 discounts at top brands, saving students an average of $340 annually.
CIBC offers several products, resources, and partnerships to support students pursuing post-secondary education, including:
- CIBC Smart Start, an everyday banking account with no monthly fee until age 25
- CIBC clients can refer a student, and both earn $50, up to $500 per year
- Scholarships for students that reward passions through 99 Scholarships
- Access to CIBC Smart Planner to help students spend, save, plan, and budget smarter
- Contests and giveaways through CIBC's exclusive partnership with Student Life Network
