45% of Canadians unprepared for emergency spending
A new poll for one of Canada's biggest banks reveals many Canadians don't have a reserve fund set aside to cover unexpected emergency expenses.
According to the poll conducted for CIBC, 45 per cent of Canadians have no emergency savings. And if they were to encounter an unplanned expense they would likely have to dip into retirement savings or take on debt in order to cover the shortfall.
The survey, which was conducted by Harris/Decima on behalf of the bank, found that younger Canadians are less likely than older Canadians to have an emergency fund.
Among Canadians aged 45 to 64, 60 per cent say they have funds put aside for an emergency.
However, among Canadians aged 18 to 44, only 51 per cent say their household has emergency savings set aside.