Filed Under:Life Insurance, Sales Strategies

Canadians' rainy day funds running dry

The majority of Canadians have less than $10,000 in savings.
The majority of Canadians have less than $10,000 in savings.

Many Americans admire Canada’s publicly funded health care system and other social services. But when it comes to establishing a personal safety net, our northern neighbors aren’t necessarily the best example to follow.

That’s one conclusion to be drawn from a new study from BMO Financial Group. The report finds that while two-thirds of Canadians 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.

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Nichole Morford

Nichole Morford
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