This may surprise you – almost half of Canadians have less than 1 month of expenses saved in case of emergency. In BMO’s newly released Rainy Day Survey, It is clear that savings is still a major challenge.
One-third of Canadians are living pay-cheque to pay-cheque. I know from my clients that many of you are earning well over $100,000/year and are still struggling. You are juggling expenses, debt, and lifestyle choices. You don’t have a money life plan and are trying to manage complex finances in your head.
The percentage of people with enough savings to cover a change in financial situation, job loss, illness, injury or major home or car repairs is up 8%, to 27% of Canadians, according to the annual Rainy Day Report.
However, this survey also shows us that with two-thirds of Canadians using savings through an emergency, and almost half of Canadians with less than three months emergency savings, many Canadian families face potential financial crisis.
Ready to create a better Money Life?
1. Get clear on what your life costs and what you earn
2. Decide what you really want your life to look like
3. Match your money to your goals.
Need help? Let’s talk. www.schedulewithkaren.com