We’ve all heard the stories that many Canadians are just one $200 bill away from financial trouble – that they would have trouble dealing with an unexpected expense.
Well, the folks at RBC have done their take on the question of emergency expenses and our ability to cope with such an event. It turns out their survey finds 40-percent of Canadians say one unexpected bill could upset their financial planning apple cart.
They say the high cost of living is getting in the way of building an emergency fund to protect themselves against that unexpected expenditure.
In Saskatchewan, that answer came from 79-percent of respondents. By the way, people in this province fear a major home repair will derail their financial plans. A big car expense is the second-biggest worry.
Saskatchewan people are also the most likely of all Canadians to say they underestimated how much money they need in an emergency or rainy-day account. We’re also more likely than most Canadians to say we’ve dipped into our rainy-day account for a non-emergency expense.
