Most Canadians saving for a rainy day
Posted Sep 5, 2012 7:10 am.
This article is more than 5 years old.
A new survey says two-thirds of Canadians have funds prepared for a rainy day.
According to BMO, the number of Canadians prepared for the loss of a job is more than last year, but still not up to snuff.
The same survey says 25 per cent of Canadians would not be able to last longer than three months on their savings.
Vice president Su McVey says the general rule of thumb is to have an emergency fund set aside that equals three to six months of your income.
She also recommends avoiding withdrawals from other investment plans like your RRSP.
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