49pc of Canadians are Ill-Prepared for Inevitable Financial Emergencies
KELOWNA, BC: With the flurry of holiday season spending in the rear-view mirror and bills arriving in the mail, a new study released by leading Canadian polling company Leger and commissioned by Refresh Financial has determined that many Canadians are already overstretched financially, with no real savings for emergencies, and no financial plan in place for when they happen.
The results indicate 49% of Canadians do not have savings for an emergency. When emergencies do arise, 35% of Canadians say they would take out a small loan or pay for it on their credit card, and this increases to 43% of those who are living paycheck to paycheck.
Unexpected financial hardships and emergencies can affect us all. It's not a matter of if, but when... it can happen to anyone, states Refresh Financial CEO Michael Wendland. This study shows just how many Canadians are under-prepared for financial emergencies when they arise.
This survey found that 53% of Canadians report living paycheck to paycheck, and nearly 20% are actually struggling to get by. 14% of respondents have found themselves in a dire financial situation, such as filing for bankruptcy or having something sent to collections.
Refresh Financial commissioned Leger, the largest Canadian-owned polling, research and strategic marketing firm, to conduct a survey of Canadians from across the country in order to gain a national perspective on people's understanding of credit in Canada.
Leger Survey Details www.leger360.com. The online survey of 1901 Canadians has a margin of error +/-2.2%, 19 times out of 20.