The U.S. Is An Example

There is an economic angle to the pace of vaccinations targeting the COVID virus.

BMO Bank of Montreal has a large banking operation in the US as well, operating under its BMO Harris banner, so it has a pretty good handle on how consumers in the two countries are coping with the pandemic.

They looked at the financial confidence of consumers on both sides of the border. What they found is that the rate of vaccinations plays a big role in this. The fact that the US was far ahead of us on getting vaccines into arms has accelerated confidence rates south of the line as well. This was especially true among younger people.

One-third of Canadians surveyed feel confident their financial situation is improving right now. Half of Americans offered the same view as their economy re-opens more quickly than ours.

But, we have used the pandemic to develop some good habits. More of us are setting financial goals, about 7-of-10 Canadians; more of us are saving every month and 4-out-of-10 are paying down debt.