Despite large amounts of government assistance during the pandemic, more than 40 percent of Canadians borrowed more than they saved in 2020, according to Statistics Canada.
The richest quintile of households, or the top fifth, saved $186.61 billion in 2020, which represents a net savings rate of 33.1 percent, Statistics Canada found. This was much more than the $137.38 billion they saved in 2019, at a 25.7 percent savings rate. In 2020, this demographic represented 89.54 percent of all savings.
