Canadians Are Saving 4 Times As Much As Usual — Here's How To Do It Right

If your money is just sitting in your chequing account, you’re squandering its potential.

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By Shane Murphy Jan. 22, 2021

The pandemic has spooked Canadians into slowing their spending and cut off opportunities to splurge on trips to Hawaii and dinner dates. The result has been an incredible surge in household savings.

While Canadians savings rate dropped from record-highs to 14.6% of their disposable income in Q3 of 2020 — it was still up 946% compared to the same time last year. The average for 2019 as whole was 3%.

Canadians squirreled away a staggering $90 billion in late 2020 according to research from CIBC.

If you’ve followed suit and stashed some solid pandemic savings, you deserve to pat yourself on the back. But if your money is just sitting around in your chequing account, you’re squandering its real potential.

Read on to learn how to make the most of your COVID-19 savings.

About the Author

Shane Murphy

Reporter

Shane is a reporter for Money.ca. He holds a bachelor’s degree in English Language & Literature from Western University and is a graduate of the Algonquin College Scriptwriting program.

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