Canadians saved a lot of spending money during the COVID-19 pandemic in 2020, according to a new report (Image courtesy Creative Outlet)

Canadians saved a lot of spending money during the COVID-19 pandemic in 2020, according to a new report (Image courtesy Creative Outlet)

Canadians saved 5x more spending money in 2020: report

Average household savings amounted to $5,816 in 2020, compared to $1,144 the previous year

Canadians have a lot more pocket change, even as the COVID-19 pandemic has sparked widespread job loss and business shutdowns.

According to a report that analyzed data from the Organization for Economic Cooperation and Development, an average household saved five times more disposable income in 2020 than 2019.

Savings amounted to $5,816 of a household’s total income, compared to $1,144 the previous year when the pandemic was not a widespread public health issue.

However, the spending Canadians were spared from in 2020 will be made up for by 2022, when households are forecast to accumulate an annual savings of $2,120. That is $3,697 less than what they saved in 2020.

Head of consumer research with Finder, Graham Cooke, believes the country’s downward spending trend was a result of COVID-19 and many citizens confining themselves to their homes.

“Expenses associated with going out were cut almost completely overnight – from the simple morning coffee at your favourite cafe, to that vacation you planned on taking in the winter,” Cooke elaborated.

Among four other countries analyzed (Germany, United States, Australia, and Japan) Canadians saved the biggest chunk of income during spring self-isolation, concluded the report.



sarah.grochowski@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

BusinessCoronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The Terrace & District Chamber of Commerce hosted a virtual all candidates forum for the Coast Mountains School District trustee by-election on Feb. 23, 2021. (Screenshot/Terrace & District Chamber of Commerce Facebook)
Terrace trustee candidates lay out top priorites during virual all candidates forum

All candidates forum was held virtually on Feb. 23, 2021

(Phil McLachlan/Capital News)
Murder charge laid in February 2020 stabbing death of Smithers man

Michael Egenolf is charged with the second-degree murder of Brodie Cumiskey

(Phil McLachlan/Capital News)
Murder charge laid in February 2020 stabbing death of Smithers man

Michael Egenolf is charged with the second-degree murder of Brodie Cumiskey

Island Health chief medical officer Dr. Richard Stanwick receives a first dose of Pfizer vaccine, Dec. 22, 2020. (B.C. government)
COVID-19: B.C. seniors aged 90+ can start to sign up for vaccination on March 8

Long-term care residents protected by shots already given

The Majagaleehl Gali Aks Elementary School in Hazelton is being shut down for a week by the Gitanmaax Band Council following a confirmation of a COVID-19 exposure there on Feb. 26. (Black Press Media File Photo)
COVID-19 exposure notice shuts down Hazelton school

Closure to last for one week and school is to be sanitized

Older rental apartments are prime candidates for renovations, and could result in lost affordable housing stock. (Zoë Ducklow photo)
B.C.’s renoviction overhaul a good start, but won’t preserve affordable stock, lawyer says

And still no protection for people who can’t pay rent due to COVID-19

(Photo by Marissa Baecker/Shoot the Breeze)
B.C. WHL teams to hit the ice with Kelowna, Kamloops hub cities

Kelowna, Kamloops centres chosen to host B.C. WHL teams for 24-game regular season

The machines are akin to ATMs and allow drug users at risk of overdose to get hydromorphone pills dispensed to them after their palm has been scanned to identify its unique vein pattern. (CANADIAN PRESS)
Feds dole out $3.5M for ‘vending machines’ to dispense safer opioids in B.C.

The machines are located in four cities across Canada, including Vancouver and Victoria

Kelowna’s lakefront visitor centre is one of 130 around the province. Tourism businesses have been hardest hit by COVID-19 restrictions on travel. (Destination B.C.)
Tourism, small business getting COVID-19 help, B.C. minister says

$300M grant program has delivered $50 million so far

The incident happened in downtown Castlegar. Photo: Betsy Kline
Castlegar teen recounts stabbing after stranger breaks into grandmother’s house

The unnamed teen survived a terrifying attack Feb. 21

(Black Press file photo)
Agassiz boy, 11, dies from ‘extensive injuries’: Homicide team

Agassiz RCMP were called out Friday to assist with a child in medical distress

Dr. Amit Desai of St. Francis Hospital receives a COVID-19 vaccine on Dec. 17. (Photo courtesy of CHI Franciscan)
B.C. has now vaccinated more people from COVID-19 than total confirmed cases

B.C. has reached a milestone, vaccinating roughly 1.6% of its population from the coronavirus

Most Read