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
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that’s no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, will explore how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He wi...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, will discuss th...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, discussed the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insights from the vast t...
Docker containers have brought great opportunities to shorten the deployment process through continuous integration and the delivery of applications and microservices. This applies equally to enterprise data centers as well as the cloud. In his session at 20th Cloud Expo, Jari Kolehmainen, founder and CTO of Kontena, discussed solutions and benefits of a deeply integrated deployment pipeline using technologies such as container management platforms, Docker containers, and the drone.io Cl tool. H...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
There is only one world-class Cloud event on earth, and that is Cloud Expo – which returns to Silicon Valley for the 21st Cloud Expo at the Santa Clara Convention Center, October 31 - November 2, 2017. Every Global 2000 enterprise in the world is now integrating cloud computing in some form into its IT development and operations. Midsize and small businesses are also migrating to the cloud in increasing numbers. Companies are each developing their unique mix of cloud technologies and service...
Cloud adoption is often driven by a desire to increase efficiency, boost agility and save money. All too often, however, the reality involves unpredictable cost spikes and lack of oversight due to resource limitations. In his session at 20th Cloud Expo, Joe Kinsella, CTO and Founder of CloudHealth Technologies, tackled the question: “How do you build a fully optimized cloud?” He will examine: Why TCO is critical to achieving cloud success – and why attendees should be thinking holistically ab...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, will introduce two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...