Most Of Canada's Huge Pile Of Savings Are Held By The Wealthiest Households
Canadians have been on a savings spree like few other points in history, but it might not be what it seems. Statistics Canada (Stat Can) data shows household savings have been soaring. The country expects these savings to be unlocked and create an economic boom in the future. We broke down households by income fifths (quintiles) to better understand the trend. The vast majority of savings are wealthy households saving for a rainy day. The bottom two-fifths are drawing on savings and/or borrowing debt to live.
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