Paul Martin's Business Update - September 9th, 2014

Just as we are talking about snow, the folks at BMO Bank of Montreal have focused on rain – rainy day funds actually.

The bank annually surveys Canadians about how much money have set aside for emergencies.

Nationally, the majority of us – 52 per cent – have less than $10,000 in an emergency or rainy day account. That’s about $1,000 higher than last year but there are some who find this a bit of a challenge. About one-quarter of people making more than $100,000 a year have managed to save only $5,000, people who seem to subscribe to the belief that their job is spend their entire paycheck in time for the next one to arrive.

It doesn’t matter how much you make…it’s about how much you spend as 10-percent of people making less than $50,000 have saved more than $50,000.

Here in Saskatchewan, we’re all over the place. Roughly a quarter of us have saved less than $1,000 for emergencies, that’s the highest percentage in the nation. Yet an equal number have more than $50,000 and only BC does better on this survey. http://martincharlton.ca/?p=805 #wetellyourstories