REPEAT-BMO Annual Rainy Day Survey: Majority of Canadians Have Less Than $10,000 Set Aside in Emergency Savings
- Half of Canadians have the equivalent of three months of expenses set aside - However, one-quarter are living paycheque to paycheque - Ideal emergency savings fund should be equal to at least three months of income
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/07/13 -- According to the 3rd Annual BMO Rainy Day Survey released today, while two-thirds (66 per cent) feel prepared financially to handle a 'rainy day', the majority (51 per cent) have less than $10,000 in savings to cover unexpected expenses, and another one in five (17 per cent) have less than $1,000.
The annual survey, conducted by Pollara, asked Canadians how prepared they are in the event of a change in job status, change in financial situation or unforeseen financial emergency and revealed:
In addition, the survey found:
"Financial emergencies, such as a broken furnace or major car repairs, can crop up at any time and, without some form of financial cushion, can potentially cause households to take on more debt than is necessary," said Janet Peddigrew, Vice President, BMO Bank of Montreal. "The ideal emergency savings fund should be equal to three to six months of your income."
Ms. Peddigrew added that when deciding where to put your cash reserve, one of the safest routes is to place emergency funds in a savings or investment vehicle with easy access and a high level of principal stability. These include money market mutual funds, high interest savings accounts and Tax Free Savings Accounts (TFSA).
Ms. Peddigrew noted that BMO offers the - a high interest savings account that allows for unlimited deposits and transfers into the account, and free access to BMO MoneyLogic™ - an online personal financial management tool to help track everyday spending and savings.
Financial Preparedness by Region and Gender
The Pollara online survey was completed between July 26th and July 30th, 2013, with a sample of 1,000 Canadians. A probability sample of this size would yield results accurate to +/- 3.1 per cent, 19 times out of 20.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $555 billion as at April 30, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.
Contacts:
Media Contacts:
Matthew Duffin, Toronto
(416) 867-3996
Valerie Doucet, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596
Internet:
Twitter: (at)BMOmedia
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Datum: 07.08.2013 - 12:00 Uhr
Sprache: Deutsch
News-ID 285454
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Commercial & Investment Banking
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"REPEAT-BMO Annual Rainy Day Survey: Majority of Canadians Have Less Than $10,000 Set Aside in Emergency Savings"
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