In its annual Rainy Day survey the bank 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. Nearly half (44%) of respondents said they have less than $5,000 in emergency savings, with 21% having less than $1,000. Around one-third (29%) said their savings would only last one month or less.
Canadians classified medical expenses (72%), job loss (71%), major car repairs (61%), and unexpected home repairs (59%) as the top emergency concerns.
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A survey by BMO has found that a quarter of Canadians are living paycheque to paycheque and have little or no emergency savings.