December 7, 2010

Shoppers turn to technology to help stay on budget

Smartphones used to check balances, search

Over 40% of  Canadians are paying more attention to their holiday budget in 2010 when compared to last year, according to a recent CIBC Poll. Canadians who use smartphones are using tools such as mobile banking that let them check in on their accounts while they're out shopping to help them stay on budget during the busy holiday season.

Some of the highlights of the poll include:

• Four-in-ten (42%)  of respondents feel they need to pay more attention to staying on top of their holiday spending this year when compared to last holiday season
• One-quarter (26%)  acknowledge there have been times where they have lost track of what's in their bank account during the busy month of December
• Among those respondents with a smartphone (20%) , two-thirds (66%)  say they use their smartphone as part of the holiday shopping experience, including activities such as taking pictures of merchandise, comparing prices, and checking their bank account balance while they are out shopping
• Additionally, more than   one-third  ( 37%)  of Canadians said that having access to their banking information while they are out shopping would make it easier for them to stay on budget during the holidays if they had the technology. Among those aged 18 to 34, this number increases to   54%.

"Staying on budget is clearly top of mind for many Canadians this December," said   Christina Kramer, Executive Vice-President, CIBC Retail Markets. "The emergence of mobile banking and other online tools provides an opportunity to know exactly what you are spending while you are on the go at the mall or at your favourite local retailer."

"Having access to mobile banking when you are out holiday shopping is like having the bank in your pocket - you'll know exactly what's in your account, what you've spent recently, and can even make a transfer between accounts while you wait in line to checkout," added Kramer.