Half of Canadians Have Less Than $200 in Savings

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50% of Canadians are living within $200 per month of not being able to pay their bills. That means any unexpected bills or loss of income of $200 per month could wipe them out financially.  31% of Canadian polled said they already don’t make enough to meet their debt obligations. Citizens of most other countries are in the same situation One does not have to be a rocket scientist to know where this is headed.–GEG

Half Of Canadians Have $200 Or Less In Savings

Two months ago, when quoting the CEO of cell phone insurer Assurant, who appeared on Bloomberg TV to discuss business trends, one of his quotes caught our attention: “the reality is, half of Americans can’t afford to write a $500 check,” Colberg said. We decided to look into the CEO’s claim about the woeful state of US finances. What we found is that according to a recent Bankrate survey of 1,000 adults, 57% of Americans don’t have enough cash to cover a mere $500 unexpected expense. Turns out the CEO was right. And while that may appear dire, it is a slight improvement from 2016, when 63% of U.S. residents said they wouldn’t be able to handle such an expense.

The Bankrate survey findings echoed research published last year by the Federal Reserve, which found that 46% of respondents said they would be challenged to come up with even less, or $400, to cover an emergency expense, and would likely borrow or sell something to afford it. When the Fed asked what types of emergency expenses Americans had actually faced in the last year, more than one out of five cited a major unexpected medical expense. The average expense: $2,782, or almost seven times higher than the Fed’s hypothetical $400 surprise bill.

How does this stunning statistic compare to some other developed nations?

It turns out that the state of half of US finances, deplorable as it may be is positively shining, not to mention “twice as good”, when compared to the country’s neighbor to the north, where a recent Ipsos survey on behalf of accounting firm MNP, found that more than half of Canadians are living within $200 per month of not being able to pay all their bills or meet their debt obligations. Needless to say, if $500 in savings is bad, half that amount is outright bizarre.

“With such a small amount of wiggle room, any kind of unanticipated hardship, such as a job loss or even a car repair, could send an already struggling family into financial despair,” Canada’s Global News quoted Grant Bazian, president of MNP’s personal insolvency practice, which is one of the largest in Canada.  He also revealed that for 10 per cent of Canadians, the margin of error when it comes to household finances is even thinner, at $100 or less.

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Rocky
Rocky
3 years ago

What better way to make an entire nation totally dependent on government for their every need?

Bill Goode
Bill Goode
3 years ago

In the current economic environment, I wouldn’t think it advisable to have much more money in dollars in the bank than to simply pay the bills. Of those with so little money in the bank, how many hold their savings in silver, gold or Bitcoin?

For several years it has been inadvisable to leave any more money in the bank than just enough to pay the bills.

Dominic
Dominic
3 years ago

Hey, they are pretty lucky. Vagabonds like me since 911 and figuring out the truth have nothing!

https://www.linkedin.com/pulse/trump-has-authority-build-wall-establish-immigration-law-jermano