ABJ - November 22 - A new CIBC Poll conducted by Harris/Decima reveals 65 per cent of Canadians are planning to stay on budget by using cash or debit to pay for the majority of their holiday spending this year. The poll also revealed the vast majority of Canadians (87 per cent) are planning to keep their holiday shopping expenses the same or lower versus last year.

Highlights of the poll on how Canadians plan to pay for the majority of their holiday shopping this year include: 36 per cent plan to use their debit card, 29 per cent plan to use cash, 31 per cent plan to use their credit card.

"Planning to use cash and debit to pay for holiday shopping is one way Canadians can ensure they keep track of their budgets and manage their spending," said Colette Delaney, Senior Vice-President, Mortgage, Lending, Insurance and Deposit Products, CIBC. "While Canadians say they are budget conscious this year, nearly 30 per cent of respondents admit they find it difficult to stick to their regular savings plan during the holiday season. Keeping on top of holiday spending is critical to staying on track toward your financial goals and starting the New Year with your savings plan in good shape."

While cash and debit combined were favoured by Canadians for holiday spending, a number of Canadians will be using their credit card to pay for the majority of their holiday shopping (31 per cent). The good news is most Canadians planning to pay with credit also have a plan to quickly pay off their holiday spending in full (76 per cent) while only 23 per cent of Canadians using credit said they will pay their balance off over time.

The poll also revealed that a majority of Canadians who said they plan to use their credit card to pay for their holiday purchases said they are doing so because they collect reward points (57 per cent) or for convenience (62 per cent). In fact, 15 per cent of all Canadians said they plan to redeem their reward points to help cover some of their holiday expenses.