Welcome!

News Feed Item

CIBC Poll: Despite their summer jobs, nearly three-quarters of Canadian students will need to work during school to cover costs

While two-thirds are working this summer most will make less than $5,000; 1 in 5 students can't find a summer job

TORONTO, Aug. 5, 2014 /CNW/ - A new CIBC (TSX: CM) (NYSE: CM) poll conducted by Leger finds that while most Canadian students are working this summer the majority won't make enough money to pay their college or university costs. The poll found that:

  • 65 per cent of college or university students currently have a paying summer job, while 20 per cent have been looking, but unable to find one

  • The majority of students (53 per cent) who are working this summer expect to earn between $1,001 and $5,000, with about one quarter (26 per cent) expecting to earn between $5,001 and $10,000

  • The top item that students who are working this summer will be spending their earnings on is school, with 31 per cent on average earmarked for tuition or school expenses

  • 73 per cent of students say they will need to work during the upcoming year to support their expenses for school

"The reality is that many students rely on their summer earnings to help pay for their college and university education," says Christina Kramer, Executive Vice President, Retail and Business Banking, CIBC. "Given the cost of post-secondary education, as well as all the other expenses students have, they will need to watch their spending carefully so they can stretch those summer dollars as far as possible."

Summer earnings may not be enough

The poll found that among students working this summer, nearly half (45 per cent) are making $11.00 per hour or less, and 60 per cent are working part-time hours. As a result, most college and university students (73 per cent) will also need to work during the school year to support their education expenses. This suggests that many students are struggling to cover their school bills with summer employment alone.

Ms. Kramer notes that it is critical these students build and stick to a realistic budget while working in the summer to make it easier to manage expenses once back at school. "It's never too early to get sound financial advice. Sitting down with an advisor in the summer can go a long way to understanding what the real costs are going to be and setting a plan to best manage their finances throughout the year."

Advice for students to help manage spending

  • Create a Budget - Having a plan in place before school starts can help you make the most of your resources.  Talk to an advisor or use the CIBC online Budget Calculator to get a clear picture of all your expenses, and how much you have to spend.

  • Stick to your plan - Once you have a plan in place, stick to it. If you fall off track, get back to your budget as soon as possible to keep your expenses in check.

  • Track your spending - Use the CIBC Mobile Banking App to see account transactions and balances in real time. Services such as CIBC CreditSmart® can also help students stick to their budget, by allowing you to set a budget limit on each spending category on your credit card, and be notified by phone, email or online message when you exceed your customized budget.

  • Student Banking Offer - CIBC offers a bank account for students with free unlimited banking transaction fees and no monthly fees. CIBC Advantage® for Students gives you the comfort of knowing that your everyday banking won't lead to unexpected charges at the end of the month.

KEY POLL FINDINGS - NATIONAL

Percentage of college or university students who currently have summer jobs:

Have a paying job 65%
Have not been able to find a job 20%
Not working this summer 10%
Volunteering/unpaid position 5%

How much college or university students expect to earn over the course of the summer:

$1,000 or less 10%
Between $1,001 and $5,000 53%
Between $5,001 and $10,000 26%
Between $10,001 and $15,000 7%
More than $15,000 4%

How college or university students expect to proportionately spend the money they will earn this summer:

Tuition/school expenses 31%
Living expenses 25%
Entertainment/personal expenses 20%
Saving for future 19%
Other 5%

Results are based on a CIBC poll conducted online by Leger, which surveyed 500 Canadian university or college students. The associated margin of error for a probabilistic sample of the same size is +/-4.38%, 19 times out of 20. Polling was conducted between July 11 and 17, 2014.

About CIBC

CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.

 

SOURCE CIBC

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...