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    Canadians Saved Billions Over the Pandemic, Says Statistics Canada

    During the course of the pandemic, the average Canadian saved more than $5,000. Government restrictions that were in effect over the pandemic helped some people to drastically reduce their spending and actually start saving. Not everyone has been stuffing their socks but many do.

    Statistics Canada claims Canadians amounted to $212 billion in 2020 compared to the $18 billion in 2019. On average that works out to $5,574 per Canadian in 2020, versus $479 per person the previous year. The average saving rate in 2019 stood at 1.3 per cent of disposable income. The 2020 year jumped up to 14.9 per cent and specifically in April, May, and June saving rate topped at 27 per cent.

    As a result, Equifax Canada said credit card balances are down, fewer people are late on payments, and credit scores are up. As restrictions start to ease some Canadians are ready to spend the money they saved. Lachlin Muir, the general manager of Distilled Beauty Bar in Calgary said the shop’s online booking service crashed as it was flooded with customers trying to book appointments.

     

    For more information about the source click HERE