When holiday budgets are a concern, smartphones are there to keep Canadians in check

mobile bankingWe’ve always been a frugal bunch, us Canadians, and there’s nothing wrong in that.

This Christmas, as our economy slowly crawls toward gradual recovery from a nasty recession, shopping budgets weigh heavy on our minds.

Out in the stores, it’s easy to get caught up in the frenzy of the holiday shopping season. So Canadians are leaning on their smartphones to keep their wallets in tact. According to a CIBC poll, Canadians are using smartphones to access finance-related tools such as mobile banking and accessing coupons to keep within their budgets.

With 42% of Canadians feeling the need to pay more attention to their Christmas shopping budget, and 26% admitting they’ve lost track of bank account balances during this consumer-crazy month, it’s good to know that banks are rolling out mobile banking apps, and that retailers are increasingly offering digital coupons. Two-thirds of smartphone owners use their device as an integral component of their shopping experience, using it to take pictures of merchandise, compare prices with other retailers on the fly, and check their bank balance. As many as 54% of Canadians believe having mobile access to their bank account is a must-have during holiday shopping.

“Staying on budget is clearly top of mind for many Canadians this December,” said Christina Kramer, executive vice-president of 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 Christina.