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

Chrystina Barnard, owner of Lucky’s Pet Supply, has made it her mission to visit as many patios in Penticton as a way to promote restaurants. Here she is enjoying an eggs benny with her best fur friend at Loki’s Garage in Penticton. (Facebook)
Penticton foodie commits to 19-day patio crawl to promote local restaurants

The small business owner wanted to help out eateries hurt by the new restrictions

Lori Jantz snapped this picture of a fight between a bald eagle and an osprey above Osoyoos Lake on Friday. (Lori Jantz photo)
Battle in the sky erupts above South Okanagan lake

Bald eagle and osprey fight mid-air in Osoyoos

This garbage bin behind a strip mall in Skaha Lake Road was set alight on Friday night at 11 p.m. The foam from firefighters can be seen on the ground. (Facebook)
Dumpster fire comes too close to Penticton seniors’ complex

One resident worries Penticton might have a fire bug

Theo's now delivering to Summerland
Penticton Greek restaurant now delivering to Summerland

Theo’s restaurant is the first to deliver food to Summerland in their ‘Squidmobile’

The Regional District of Okanagan-Similkameen will speed up the process for hospitality businesses looking to set up patios during the latest COVID-19 restrictions. Under the most recent restrictions, indoor dining is prohibited, but patio dining is allowed. (John Arendt - Summerland Review)
Regional District of Okanagan-Similkameen speeds up patio permit approval

Initiative to help hospitality businesses affected by latest COVID-19 restrictions

B.C. Health Minister Adrian Dix and Premier John Horgan describe vaccine rollout at the legislature, March 29, 2021. (B.C. government)
1,262 more COVID-19 infections in B.C. Friday, 9,574 active cases

Province’s mass vaccination reaches one million people

People walk past the Olympic rings in Whistler, B.C., Friday, May 15, 2020. Whistler which is a travel destination for tourists around the world is seeing the effects of travel bans due to COVID-19. THE CANADIAN PRESS/Jonathan Hayward
Adults living, working in Whistler, B.C., eligible for COVID-19 vaccine on Monday

The move comes as the province deals with a rush of COVID-19 and variant cases in the community

RCMP crest. (Black Press Media files)
UPDATE: RCMP investigating after child, 6, dies at motel in Duncan, B.C.

The BC Coroners Service is conducting its own investigation into the circumstances around the child’s death

Highway 97 being converted to four lanes in April 1990. This photo taken in Lake Country. (Greater Vernon Museum and Archives Photo #14025)
HISTORY: How the old Highway 97 in Lake Country got new name

Pelmewash Parkway recognizes the First Nations history in Lake Country

RCMP display some of the fish seized from three suspects who pleaded guilty to violating the Fisheries Act in 2019, in this undated handout photo. THE CANADIAN PRESS/HO - RCMP
3 banned from fishing, holding licences after overfishing violations near Vancouver Island

Mounties seized the group’s 30-foot fishing vessel and all equipment on board at the time

Flight with COVID
Another Kelowna flight with COVID-19 exposure

Westjet flight on April 5 from Kelowna to Edmonton

B.C. Premier John Horgan responds to questions during a postelection news conference in Vancouver, on Sunday, October 25, 2020. British Columbia’s opposition Liberals and Greens acknowledge the COVID-19 pandemic has presented huge challenges for Horgan’s government, but they say Monday’s throne speech must outline a coherent plan for the province’s economic, health, social and environmental future. THE CANADIAN PRESS/Darryl Dyck
Horgan’s NDP to bring in throne speech in B.C., Opposition wants coherent plan

Farnworth said the budget will include details of government investment in communities and infrastructure

Most Read