CIBC launches innovative Best Student Life bundle that enables new post-secondary students to apply for three banking products with one digital application
TORONTO, Aug. 6, 2024 /CNW/ - A new poll by Student Life Network on behalf of CIBC finds that the majority (95 per cent) of students polled say managing their finances is important to contributing to their overall student life, but nearly two-thirds (63 per cent) of those polled say they are using mental math to manage their finances. At the same time, less than half of those polled (44 per cent) expressed confidence in their level of financial literacy as they navigate their post-secondary education which often comes with more financial freedom and responsibility.
"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."
Launching the CIBC Best Student Life Bundle
To help set students up for success as they begin their academic career, CIBC has launched the CIBC Best Student Life Bundle, a first-in-market, digital-exclusive offer for new CIBC international and Canadian post secondary clients that allows them to apply for essential student banking products and services in a single application in less than 15 minutes.
The CIBC Best Student Life Bundle allows qualifying students to apply for a no-fee Smart Start or Smart for Student chequing account which helps them manage day to day expenses, an eAdvantage Savings account to start the habit of putting some money aside, and their choice of student credit card to help build a credit history. Students joining CIBC receive an extra $50 bonus when they apply online at CIBC.com and earn up to $250 cash back to use towards other expenses, and to do more of the things they enjoy to make the most out of their student life.
Student expenses are unique
"Our survey found that most students are relying on mental math to manage their expenses, with only 29% expressing confidence in their financial situation. At such a transitional time with new and unexpected costs, it's so important that students are aware of the financial resources available to them which will help them build confidence, develop lifelong financial habits and contribute to work life balance," adds Clabby. "Budgeting apps and working with an advisor can help make their academic ambitions real and also set them up for success upon graduation as they set new goals."
When it comes to spending, nearly a quarter of students say that technology (24 per cent) and entertainment (24 per cent) are their biggest splurges when at school. Travel is a future ambition for many (56 per cent).
To help students with their everyday purchases, and put money away for school essentials, CIBC also announced today it has renewed its exclusive partnership with Student Price Card (SPC), Canada's most popular student discount program. CIBC youth and students are eligible for a free SPC+ membership that provides 450+ discounts at top brands, and saves students an average of $340 each year.
Additional support for students
CIBC has several products, resources and partnerships designed 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
Research Poll Disclaimer:
The findings presented are based on a survey conducted by the Student Life Network from June 28th to July 15th, 2024. The survey sample consisted of 1,314 Canadians aged 14 and older, who completed an online questionnaire for a chance to win $500. Participants were sourced from the Student Life Network community, which includes over 2 million Canadian students. While a stratified sample of this size would typically have a margin of error of ±2.6%, 19 times out of 20, this survey was not stratified and the sample was not weighted, and therefore may not be perfectly representative of the general population. Therefore, it is not possible to assign a margin of error to these findings.
About CIBC
CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets and Direct Financial Services businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.
SOURCE CIBC
Beth McKay, CIBC Communications & Public Affairs, 416-552-1391 or [email protected]
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