Canadians Save Record Amounts During COVID
If there is one silver lining to the pandemic, it’s the fact that most Canadians have been able to save.
In fact, Canadians have saved a record amount of money during the pandemic, thanks to reduced spending and more money from government support programs.
Canadians amassed $212 billion last year, versus $18 billion in 2019, according to Statistics Canada. That works out to $5,574 per Canadian on average in 2020, compared to $479 in the previous year.
The average savings rate jumped from 1.3 per cent of disposable income in 2019, to 14.9 per cent in 2020 before peaking at about 27 per cent.
According to credit rating agency Equifax Canada.credit card balances are down, fewer people are behind on payments and credit scores are up.
Of course, this situation varies from household to household, as there continues to be a deep division between the financial situation of many Canadians.
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