A new poll suggests that fewer than one in five Canadians is prepared deal financially with an emergency.
The Bank of Montreal found that 17 per cent of respondents said they had less than $1,000 in savings to tap.
The poll found that another 20 per cent have up to $5,000, 14 per cent have up to $9,999 set aside and 18 per cent say they have set aside $50,000 or
more for an emergency.
Fifty per cent of the respondents said they have the equivalent of three
months of expenses set aside while 43 per cent have less than three
months.
About one-quarter, 23 per cent, said they are living paycheque
to paycheque.
The poll found that people over the age of 65 are most likely to feel prepared. People between the ages of 35-44 are the least likely.
BMO vice president Janet Peddigrew says the ideal emergency fund should be equal to three to six months of income.
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