Having spent $433 on average so far, one-quarter of Canadians say once all the bills are in they are likely to exceed their holiday budget

TORONTO, Dec. 16, 2011 /CNW/ - A new CIBC (TSX: CM) (NYSE: CM) Poll conducted by Harris/Decima reveals two-thirds of Canadians (65 per cent) don't have all of the items on their holiday shopping list wrapped just yet.  The poll, which concluded earlier this week, also revealed that Canadians have spent an average of $433 on gifts so far this holiday season, below the average holiday budget revealed in a CIBC Poll released in November.  However, with a majority of Canadians rushing to finish their shopping in the next week, 24 per cent of Canadians say they will likely end up over their budget once the last item on their list is paid for.

Highlights of the holiday poll include:

• 65 per cent of Canadians say they have not yet finished their holiday shopping
• Canadians have spent an average of $433 on gifts so far this year -- while in a November CIBC poll, Canadians said they plan to spend an average of $628 in total on all of their holiday gifts
• 24 per cent of Canadians say they will likely end up exceeding their planned holiday budget once their shopping is complete

"With a majority of Canadians leaving their holiday shopping to the last week, and nearly one-quarter concerned they will exceed their holiday budget, it's important to keep a close eye on your spending as you cross items off your list over the next few days," said Colette Delaney, Senior Vice-President, Mortgage, Lending, Insurance and Deposit Products, CIBC.

Ms. Delaney also noted that managing to your budget is particularly important at this time of year. Past CIBC research revealed that 30 per cent of Canadians find it harder to keep up with regular savings plans in the busy month of December given all of the other expenses associated with the holidays.

"Whether you track your spending on your smartphone or using a pen and paper, knowing you are on budget can help you enjoy the holidays and keep other important financial goals such as buildings savings on track," commented Ms. Delaney.  "One of the best gifts you can give yourself this holiday season is the confidence of starting the New Year in good financial shape."

The poll also revealed some regional differences when it comes to holiday shopping this year.

• Atlantic Canadians on average have spent $618 so far this year on gifts, one of the highest dollar values in the country.
  
  
• Quebec residents spent amongst the least, spending $369 on average so far this year.
  
  
• Residents of Manitoba and Saskatchewan appear to be amongst the sharpest budgeters in Canada this holiday season, with one quarter (26 per cent) believing they will actually spend less than their holiday budget after all of their shopping is completed.

To help manage your last minute holiday expenses, CIBC offers the following tips:

Use your Mobile Device to Stay on Top of Cash or Debit purchases: CIBC clients planning to use cash or debit can track their spending by using the CIBC Mobile Banking App on their smartphone. Having the CIBC Mobile Banking App on your smartphone allows clients to check their balance and see what they've spent so far that day, in just a few seconds.

Manage and Track Credit Card Spending: Managing cash flow effectively is a key element in sticking to your holiday budget.  Free to CIBC credit card holders, CIBC CreditSmart allows clients to set a budget limit on each spending category on their credit card, and be notified by phone, email or online message when they exceed their customized budget.

Consider Using Loyalty Rewards: 9 per cent of Canadians polled say they have used rewards to buy gifts this holiday season, and another 11 per cent say they are considering it. If you have loyalty rewards available, consider using them to save money on last minute purchases.

Keep Monthly Savings Plans Going:  In past CIBC research, 30 per cent of Canadians said they found it more difficult to keep up with regular savings plans in December, but that doesn't mean you should skip this month's instalment in your savings plan. Make sure you put your regular contribution away if you haven't already to keep your longer term goals on track.

KEY POLL FINDINGS

Percentage of Canadians that say they have not completed their holiday shopping, by region:

Average dollar amount Canadians have spent so far on gifts this holiday season, compared to what they planned to spend on gifts as part of a November CIBC poll, by region:

Percentage of Canadians that say they will exceed their holiday spending budget this season, by region:

*Each week, Harris/Decima interviews just over 1000 Canadians through teleVox, the company's national telephone omnibus survey. These data were gathered in a sample of 1,005 Canadians who know how much they will spend over the holidays this year between December 8^th and 12^th, 2011. A sample of this size has a margin of error of +/-3.1%, 19 times out of 20.

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.