Are you saving for emergency situations?
A recent survey as concluded that Canadians have an average of $41,694 in emergency savings, up from $35,237 in 2014. While this number may seem staggering, more than half of the people surveyed reported that they had less than $10,000 in available emergency money. The survey found that B.C. residents have the most on average set aside ($70,364) and that Atlantic Canada represented the lowest amount on average in emergency funds ($20,152). Ontario residents on average have about $41,088 in emergency savings.
As a BMO representative has stated, an emergency fund should be representative of about three to six months of income. It is an emergency fund that can be accessed in times of need, but can also be there as a financial cushion in case of a financial emergency, or debt. The online survey polled 1,002 Canadians of age 18 or older.
Does that seem like a lot of money to you?
Read more here.