Buying nothing, the 'paradox of thrift' and Canada's economy
How pandemic thriftiness can affect a recovering economy
The pandemic wreaked havoc on many Canadians' finances — including our spending. Now we are saving like never before.
This past spring, there was a period of time when Canadians had no choice but to spend less money because everything non-essential was closed. Most people were staying home.
Even those who could afford to spend were thrust into a world of frugality.
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As a result, Canadians went from saving three per cent of our income in December 2019 to nearly 30 per cent in June 2020.
This week, on the Cost of Living, executive producer Tracy Johnson looks at how thriftiness can affect a recovering economy.
Click 'Listen' at the top of the page to hear this segment, or download the Cost of Living podcast.