Rainy day funds

According to a new CIBC poll, 45% of Canadians don’t have an emergency fund.

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  • A leaky roof, a sick pet, a new set of brakes. Do you have cash on hand to pay for any of these costly, unexpected expenses? According to a new CIBC poll, 45% of Canadians don’t have an emergency fund. That number is even higher in Ontario and Alberta whereas B.C. residents are the most likely to save for a rainy day.
  • Why are retirees carrying more debt? Jim Yih over at Retire Happy Blog suggests it’s a mix of factors including more access to credit, poor spending habits, low interest rates, housing trends and lean stock market returns.
  • Save a bus-load with these back-to-school shopping tricks from Squawkfox.com. Did you know office supply stores often sell select items at a loss to get you in the store? The trick is sniffing them out.

3 comments on “Rainy day funds

  1. Over 50% of Ontarians don't have an emergency fund, many of whom are currently under a mortgage agreement. With the global economy becoming more and more tied together, that is an alarming figure.

    Reply

    • Good thing if we don't encounter problems and accidents. This kind of fund is really important.

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  2. Emergency funds are extremely important. As a recent university graduate, I am currently working on building up a great one; especially with the lack of job security so early out of school.

    Reply

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