Canadians unprepared for emergency costs says mortgage lender

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 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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