49pc of Canadians are Ill-Prepared for Inevitable Financial Emergencies
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.