Few Canadians have enough emergency funds set aside: poll
Posted Aug 7, 2013 07:42:43 AM.
This article is more than 5 years old.
TORONTO – Fewer than 20 per cent of Canadians appear financially prepared to deal with an emergency, according to a poll done for the Bank of Montreal.
In its annual Rainy Day survey, 17 per cent of respondents say they have less than $1,000 in savings to draw upon in the event of an emergency.
Another 20 per cent have up to $5,000, 14 per cent have up to $9,999 set aside and 18 per cent say they have set aside $50,000 or more for an emergency.
Half of the respondents said they have the equivalent of three months of expenses set aside while 43 per cent have less than three months.
About one-quarter, or 23 per cent, said they are living paycheque to paycheque.
Two-thirds have had to dip into their rainy day fund in the past, with car repairs, job loss and home repairs being the most common reasons.
