Awash in Cash

As we enter the next phase of the COVID pandemic – the one where we re-open – many of us will be heading into this next leg of the journey flush with cash. After all, we didn’t have as many places to spend our money over the last year and a bit, given that entertainment options were severely curtailed and travel was challenging.

So what will we do with all this spare change?

A survey by BMO Bank of Montreal has zeroed in on home renovations as a primary investment option but they say we fall into two distinct camps….the first is the saving cohort. That’s people who are inclined to fatten up their retirement accounts and to establish that emergency account.

The second group is the spending camp. They have set travel as the highest priority but only a whisker ahead of those who see investment in their homes as the best idea. In fact, renovations continue to be a dominant theme even as we emerge from the pandemic and lockdowns but becoming a homeowner for the first time is fading.