On which planet can people afford to set aside half of what they make in savings?

Bank of Montreal says Canadians should save three to six months’ pay for emergencies like job loss, medical expenses or car repairs.


On which planet can people afford to set aside half of what they make in savings?

Probably the planet where BMO’s annual Rainy Day Survey was conducted. It found Canadians have an average $41,694 in emergency savings. A few wealthy Canadians who might need $40,000 for emergency car repairs are surely pushing that average up because the average Canadian just doesn’t have that sort of cash lying around.

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