Canada News Wire
Almost half of Canadian homeowners don’t have enough money set aside to deal with a financial emergency, while four in 10 have some difficulty managing common expenses associated with home ownership, a new survey by Manulife Bank of Canada shows.
About one-quarter of those polled have $1,000 or less set aside for an emergency, and another quarter of respondents don’t know how much emergency savings they have. Millennial homeowners (those aged 20 – 34 years) report the lowest median amount of emergency funds among the respondents, at just $3,500. Among homeowners with mortgage debt, 38 per cent said they have some difficulty affording their mortgage, utilities and maintenance.
“It’s undoubtedly stressful living paycheque-to-paycheque,” said Rick Lunny, President and Chief Executive Officer, Manulife Bank of Canada. “If you don’t have extra cash at the end of the month, it’s very difficult to build a rainy-day account. For those who find themselves in this situation – a good place to start is working with an advisor to create a budget. Many people are surprised at how much of their money is going toward things that they don’t consider that important.”