Two-thirds of Canadians have dipped into their savings for a non-emergency, taking an average $7,955 to cover indulgences, including electronics, non-essential home renovations, vehicle upgrades, vacations and large gifts, according to a recent survey.

The annual BMO Rainy Day Survey, conducted by Pollara, revealed that women are more likely than men to dip into their fund for a non-emergency, but men dip in deeper:

The survey found that seven-in-20 women (68 per cent) dipped into their fund for a non-emergency, compared to 61 per cent of men.

Men have taken an average of $10,351 for a non-emergency, while women have taken $5,920.

While women’s top three non-emergency expenses included vacations, home renovations and large gifts, men’s top three included vacations, electronics, and home renovations.

“While it’s promising to see that Canadians consider their rainy-day savings to be primarily reserved for emergencies, their willingness to dip into their fund for an indulgence could be a threat to their financial security,” said Christine Canning, head of everyday banking, BMO Bank of Montreal, in a release. “A better approach would be to hold a designated fund for indulgences, to help keep expenses in check.”

The survey was conducted by Pollara between August 5-7, with an online sample of 1,001 adult Canadians. The margin of error for a probability sample size of 1,001 is plus or minus 3.1%, 19 times out of 20.