In the past year many of us have travelled less, commuted less and spent less on entertainment (and Starbucks!) and for those of us who are working at home and still earning the same salary we might be finding that we have more money to save. According to Statistics Canada Canadians saved 12.7% of their net income in the fourth quarter of 2020 which is up from only 2% in 2019. Canadians are also becoming more cautious with their money, a study from Scotiabank shows that 58% of those who responded to their survey were putting extra money away and 38% were contributing to investments. This is seen by experts as a dramatic shift in savings.
For those people who are lucky enough to be in this position experts advise taking advantage of this opportunity to create a financial plan that includes paying down debt.
If you are not sure which is the best way for you to make the most of your savings you should contact a financial advisor who will be able to help you.
From an article by Michelle Singerman
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