Tiff Macklem\u0027s tough medicine is having an impact. Poll finds more Canadians are socking away savings ahead of recession. Read more
The latest version of Maru Public Opinion’s monthly household outlook index showed that the number of households that have two months’ worth of expenses socked away rose last month, as did the number of who said they had enough investments for the future.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Younger Canadians appear to be the most sensitive. Maru found that respondents aged 18 to 34 were the most hardcore about saving, ratcheting up their savings rates by a “sizeable” amount. “When they started to be affected back in June a lot of them started to make adjustments to their spending patterns. They pulled in on things like entertainment, food, restaurants,” Wright said.household savings rate
Economist Charles St-Arnaud of Alberta Central, the central banking facility and trade association for the credit unions of Alberta, said he believes the increase in savings points to wariness on consumers’ part.
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