Canadians Save More: What’s Driving the Increase?
In the first quarter of 2024, Canada’s household savings rate surged to 6.9 percent, a peak not reached since 1996, excluding the pandemic period. This rate represents the proportion of disposable income that Canadians save. During the pandemic’s peak in the second quarter of 2020, savings soared to an unprecedented 26.5 percent due to lockdowns…