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Canadian Households Focusing on Savings

Canadian Households Focusing on Savings

Top financial priority is to pay down debt or retain an elevated level of savings

THUNDER BAY, ONTARIO  ~~~~~~  January 16, 2021  (LSN) Three out of four Canadians in a poll conducted by Nanos Research Group for Bloomberg News say their top financial priority is to pay down debt or retain an elevated level of savings. Only 11% said they plan to make a major purchase.

Bloomberg Wealth is reporting that he extent to which households will use up an unexpected accumulation of savings is one of the key unknowns in coming months. Amid a massive downturn last year, Canadians became significantly better off financially because of income support payments from the government, surging real-estate prices and stock-market gains.

Household Balance-Sheet Repair

Three quarters of Canadians want to pay down debt or save more

“We have significant pent-up demand in the economy,” David McKay, chief executive officer of Royal Bank of Canada, said Monday at a conference. “We have significant savings sitting on consumers’ balance sheets.”

What Bloomberg Economics Says...

“A vigorous post-lockdown rebound in Canada is losing momentum through the first quarter of 2021. We anticipate a weak and uneven patch through the winter transitioning to a stronger-than-consensus pickup starting in the second quarter.”

--Andrew Husby, Bloomberg economist

For the full report, click here

On top of the surge in savings, a housing boom has also made many Canadians wealthier on paper. Household net worth rose by more than C$600 billion in the first six months of the pandemic, according to Statistics Canada.

Yet, given Canadians are among the most world’s most indebted households, they could choose to use the windfall to shore up their balance sheets instead.

Among respondents to the Nanos poll, 39% said their top financial priority this year will be to pay down debt, while 37% said it would be to keep extra money in their savings account. About 13% said their top priority is to make a major investment, such as in real estate or the stock market.

 

#LSN_TBay #LSN_Sault Ste Marie  #LSN_Econ

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