Adults aged 18-34 spending more than the
national average; most Canadians trying to hold the line on
costs
TORONTO, Feb. 13,
2024 /CNW/ - A new poll from CIBC found the majority
(52 per cent) of younger Canadians (aged 18-34) have been struck by
Cupid's arrow and plan to splurge this Valentine's Day by spending
an average of $200 on loved ones.
That's more than the most common response across all Canadians,
with 42 per cent of those surveyed nationally targeting
$160 for the day. The poll also found
that men are planning to spend much more ($217) on their Valentine than women, who say
they only plan to spend $108 for the
holiday.
With inflation putting pressure on budgets, half of Canadians
said they were aiming to keep their spend the same as last year,
while 13 per cent said they would try to spend less on Valentine's
day this year.
Only 10 per cent said they would spend more, either because
inflation has made their favourite gift more expensive, or they
think their special someone deserves it.
"Certain holidays, like Valentine's Day, encourage people to
spend on those they care about the most, but whether you're in an
established relationship or flying solo this year, one of the best
things you can do is to think about setting financial expectations
and understanding your feelings towards money management," said
Carissa Lucreziano, Vice-President
Financial and Investment Advice, CIBC. "While money isn't the most
romantic topic, having honest conversations about finances are
important to helping you achieve your ambitions."
Tools available to help spark conversation:
- Smart Advice Article: How do I talk to my partner about
money without it being awkward?
- Take control of your financial future by getting a better
understanding of your cash flow using our Budget
Calculator
- Financial Guides to help you prepare for your next
adventure together.
Disclaimer
These findings are from a Maru Public Opinion online survey
undertaken exclusively for CIBC and fulfilled by the sample and
analyst experts at Maru/Blue. The results were produced from a
random selection of 1,517 Canadian adults who are Maru Voice Canada panelists January 29-30, 2024 and then weighted to be
representative of the Canadian adult population. A probability
sample of this size has an estimated margin of error (which
measures sampling variability) of +/- 2.5%, 19 times out of 20.
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