How Canadians' Incomes and Wealth Changed During the Pandemic
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.