A recent poll conducted by Student Life Network on behalf of CIBC highlights a significant gap in financial literacy among Canadian students. While an overwhelming 95% of students recognize the importance of managing their finances for a successful academic experience, nearly two-thirds (63%) rely on mental math to handle their financial responsibilities. Despite this, only 44% feel confident in their financial knowledge as they face the challenges of post-secondary education.
Michael Clabby, Executive Vice-President and Head of Digital, Data, and Strategy at CIBC, notes the stress associated with managing finances during the transition to higher education. "Students are seeking digital solutions to help them gain financial independence and prepare for life after school," Clabby explains.
In response, CIBC has introduced the CIBC Best Student Life Bundle, a new digital offering designed to simplify financial management for students. This bundle allows new international and Canadian post-secondary students to apply for essential banking services in under 15 minutes. It includes a no-fee Smart Start or Smart for Student chequing account, an eAdvantage Savings account to encourage saving habits, and a choice of student credit card to build credit history. Students who apply online can also receive a $50 bonus and earn up to $250 cash back for additional expenses.
The survey indicates that most students are using mental math to budget, with only 29% feeling confident about their financial situation. To address these challenges, CIBC emphasizes the value of budgeting apps and financial advisors. Clabby suggests that such tools can help students develop solid financial habits and ease their transition into post-graduation life.
Moreover, CIBC has renewed its partnership with Student Price Card (SPC) to offer students a free SPC+ membership, which provides access to over 450 discounts and saves an average of $340 annually.
Additional support includes CIBC Smart Start accounts, referral bonuses, scholarships, and access to CIBC Smart Planner for smarter budgeting and planning. Through these initiatives, CIBC aims to enhance students' financial well-being and help them make the most of their academic journey.