Nearly half of Canadians not ready for financial emergencies
CANADA - With the flurry of holiday season spending in the rear-view mirror and bills arriving in the mail, a new study released by polling company Leger has determined many Canadians are already overstretched financially, with no real savings for emergencies, and no financial plan in place for when they happen.
The results indicate 49 per cent of Canadians do not have savings for an emergency.
When emergencies do arise, 35% of Canadians say they would take out a small loan or pay for it on their credit card, and this increases to 43% of those who are living paycheck to paycheck.
“Unexpected financial hardships and emergencies can affect us all,” states Refresh Financial CEO Michael Wendland.
“It’s not a matter of if, but when… it can happen to anyone.
“This study shows just how many Canadians are under-prepared for financial emergencies when they arise.”
This survey found that 53% of Canadians report living paycheck to paycheck, and nearly 20% are actually struggling to get by.
Fourteen per cent of respondents have found themselves in a dire financial situation, such as filing for bankruptcy or having something sent to collections.
- Refresh Financial
