A survey by BMO has found that a quarter of Canadians are living paycheque to paycheque and have little or no emergency savings. In its annual Rainy Day survey the mortgage lender found that the average level of emergency funds is $41,694 with a quarter having enough to last them a year or more.
But for most the picture is less rosy; 44 per cent say they have under $5000 in emergency savings, with 21 per cent having less than $1000; 29 per cent say their savings would only last one month or less. Canadians classified medical expenses (72 per cent), job loss (71 per cent), major car repairs (61 per cent) and unexpected home repairs (59 per cent) as the top emergency concerns.
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