Canadians' household savings reached a record 6.9% in Q1 2021, driven by wage growth outpacing inflation and economic pessimism.
Canadians' household savings reached a record 6.9% in Q1, the highest since 1996. Savings surged to 26.5% in Q2 2020, but declined before rising again. Economists attribute the recent increase to wage growth outpacing inflation, providing more disposable income, and economic pessimism/high debt levels prompting people to save more.
July 20, 2024
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