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.
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.
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
