Aug 07, 2013

By Scott Walker

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A new report says a majority of Canadians feel ready to deal with a financial emergency, but in reality, only half have what financial experts say is the minimum recommended amount set aside.

Economists recommend having three-to-six months’ worth of income put by for emergencies. But, according to the Bank of Montreal’s annual Rainy Day survey, only half of respondents have three months’ income set aside. That’s down three percentage points from last year.

A quarter are living paycheque to paycheque.

Two-thirds of Canadians had to dip into their rainy day fund in the past year, primarily because of job loss or unexpected repairs to their homes or cars.

BMO Vice-President Janet Peddigrew says a lack of a financial cushion can cause Canadians to take on more debt than is necessary. Financial experts are already worried about debt levels in this country.

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