Roughly half of Canadians not financially prepared for emergencies

Apart from setting money aside for Calgary mortgages, more city residents – as well as those living countrywide – may want to increase their emergency savings fund.

According to a poll conducted by CIBC, approximately half of Canadians don't have adequate savings for emergencies. The most likely to be prepared for emergency situations are residents in the 45-to-64-year-old demographic; three in five of these residents have emergency funds.

Christina Kramer, CIBC's executive vice president of retail distribution and channel strategy, indicated having extra money set aside for unforeseen circumstances related to one's home is vital, and many Canadians are recognizing that.

"Our poll shows an opportunity for more Canadians to start building up an emergency fund, to help get them through an unexpected expense and avoid dipping into long-term savings to pay for a short-term problem," she said..

Prospective homeowners may want to focus on conserving enough money for a down payment and a mortgage prior to worrying about emergency home savings.


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