Statistics Canada recently released some data measuring changes to household incomes, expenditures, savings rates, assets and liabilities during the pandemic.
I decided to create a few graphs to illustrate their findings.
Before we get to the graphs, here are some of Stats Canada’s key findings:
- Disposable income declined for most households in the fourth quarter of 2020, with the largest losses for the lowest-income earners (-10.2%).
- Despite declines in disposable income in the fourth quarter, all households recorded higher income in 2020 compared with 2019.
- In 2020, the lowest-income earners saw their net worth grow more than that of other households. These gains were driven by larger increases in real estate assets that outpaced increases in mortgage debt.
- Lower-income households reduced their non-mortgage debt by more than other households, also contributing to their higher gains in net worth in 2020.