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

This elevated boardwalk will be replaced at the Osoyoos Desert Centre. (courtesy of the Osoyoos Desert Centre)
Funding to replace Osoyoos Desert Centre’s elevated boardwalk is ‘dream come true’

The 1.5 km boardwalk and trail is enjoyed by over 10,000 visitors annually

Wills Hodgkinson, 10, and his mom Neeley Brimer get ready to battle round three of cancer. The community of Penticton has his back. (Submitted)
Community raises $21K to help Penticton boy battle third round of cancer

Okanoggin Barbers held the fundraiser on Saturday for 10-year-old Wills Hodgkinson

courts
Bryan Lamb back in jail after less than two weeks out on bail

A warrant for his arrest was issued and granted Feb. 22

Baldy Mountain Resort was shut down on Saturday after a fatal workplace accident. (Baldy Mountain picture)
UPDATE: 70-year-old man killed in workplace accident at Baldy Mountain

The mountain closed on Saturday but has partially re-opened today (Sunday)

A health worker holds a vial of AstraZeneca vaccine to be administered to members of the police at a COVID-19 vaccination center in Mainz, Germany, Thursday, Feb. 25, 2021. The federal state of Rhineland-Palatinate, start with the vaccination of police officers in internal police vaccination centers. (Andreas Arnold/dpa via AP)
B.C. officials to unveil new details of COVID vaccination plan Monday

Seniors and health-care workers who haven’t gotten their shot are next on the list

(Contributed)
Kelowna flight potentially exposed to COVID-19

Third case on a local flight this month, compared to 14 through January

Vernon Search and Rescue, with help from the Air Rescue One helicopter out of Wildcat Helicopters in Kelowna, and Central Okanagan Search and Rescue, were able to transport an injured snowmobiler to Vernon Regional Airport, where he was loaded into an ambulance and taken to Vernon Jubilee Hospital with a serious, painful back injury. (Facebook photo)
Okanagan helicopter rescue teams called to retrieve injured sledder at Greystokes

Vernon and Central Okanagan Search and Rescue help load injured man into waiting helicopter

An investigation is underway after a man was shot and killed by Tofino RCMP in Opitsaht. (Black Press Media file photo)
Man shot and killed by RCMP near Tofino, police watchdog investigating

Investigation underway by Independent Investigations Office of British Columbia.

B.C. Supreme Court in Vancouver on Tuesday December 11, 2018. THE CANADIAN PRESS/Darryl Dyck
B.C.’s compromise on in-person worship at three churches called ‘absolutely unacceptable’

Would allow outdoor services of 25 or less by Langley, Abbotsford and Chilliwack churches

Jasmine and Gwen Donaldson are part of the CAT team working to reduce stigma for marginalized groups in Campbell River. Photo by Marc Kitteringham, Campbell River Mirror
Jasmine’s story: Stigma can be the hardest hurdle for those overcoming addiction

Recovering B.C. addict says welcome, connection and community key for rebuilding after drug habit

Chase RCMP held two men involved in drunken disturbances overnight in their detachment’s cells on Feb. 6. (File Photo)
Chase RCMP hold two men involved in drunken disturbances overnight

The two separate incidents took place less than an hour apart.

Kamloops Fire Rescue battled a landfill fire which belched toxic smoke into the air on Feb. 27. (City of Kamloops Photo)
Fire at Kamloops landfill sends thick black smoke into the air

Firefighters made slow progress on the fire throughout the morning.

Most Read