• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

My Newsroom - powered by Martin Charlton Communications

Saskatchewan's Trusted News Source - powered by Martin Charlton Communications

  • Facebook
  • LinkedIn
  • Twitter
  • Home
  • Construction
  • Agriculture
  • Economy
  • Healthcare
  • Engineering
  • Sports
  • Business Blogs
  • About
You are here: Home / Money / Canadians developed savings habit during pandemic

MyNewsroom / January 31, 2023

Canadians developed savings habit during pandemic

A funny thing happened on the way to the endemic. Canadians picked up a new habit — saving money.

The lockdowns and general uncertainty that resulted from the COVID-19 pandemic declaration sparked economic fears in people so they began accumulating piles of money. Part of it was the fact that they had nowhere to spend it with restaurants and entertainment venues closed and vacation travel almost eliminated. But, they were also scared, so they hoarded cash.

When the pandemic was over and the economy opened up again, the general consensus was that people would return to their old spending ways after a bit of a celebration. It turns out we did celebrate and splurge but we didn’t exactly return to the old ways.

A new report from RBC Royal Bank shows Canadians have retained the saving habit. This is more prevalent among higher income earners who have the capacity to set aside money even in the face of inflation and higher interest rates but, it would appear, at least some of us learned some lessons about frugality during the lockdown.

Filed Under: Money, Paul Martin Saskatchewan Tagged With: COVID-19, COVID19, pandemic

MyNewsroom

The latest news in your inbox

Receive email updates from MyNewsroom and Martin Charlton Communications, including daily Paul Martin Commentaries.

Sign up

Primary Sidebar

The latest news in your inbox

Receive email updates from MyNewsroom and Martin Charlton Communications, including daily Paul Martin Commentaries.

Sign up

Featured

Province gets positive economic report card from TD

June 24, 2025 By MyNewsroom

Saskatchewan leads in retail sales

June 23, 2025 By MyNewsroom

Merger to create largest credit union in the province

June 20, 2025 By MyNewsroom

Footer

wetellyourstories.ca & mynewsroom.ca powered by
Martin Charlton Communications – Tel: 306 584 1000

Add your stories to mynewsroom

Connect with us

  • Facebook
  • LinkedIn
  • Twitter

© 2025 · mynewsroom.ca