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How Much Do Canadians and Americans Have in Savings?

Tags: Canada inflation, Canadian Banks, Commodities Prices, debt, evolve fixed income etf, High Interest Savings Account Fund, HISA etf, housing prices, income, Inflation, Interest Rates, investing, Pandemic, Savings

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With the S&P 500 hitting new lows for 2022 and the Dow Jones Industrial Average falling into a bear market, pessimistic investors are hoarding cash. In fact, Canadians built up a record amount of savings during the pandemic. According to national economic data, accumulated savings from the first quarter of 2020 to the second quarter of 2021 was around $300 billion (13% of GDP).

Why Did Canadians Save So Much During the Pandemic?

Before the pandemic, the savings rate—Canada’s total savings as a percentage of disposable income—had been declining for years. The pandemic reversed that trajectory thanks to financial assistance from the federal government and a substantial drop in consumer spending.

It’s worth noting that Canadians lost an average of $1,600 in labour income in 2020. But the loss of disposable household income was more than offset by government support programs. In aggregate, the direct fiscal stimulus provided by the government amounted to about $3,400 per Canadian aged 15 or older. In addition, due to COVID-19 fears and lockdown measures, Canadians also spent around $4,000 less in 2020.

As a result, household net savings totalled around $13,105 per household in 2020 and $9,972 in 2021. That’s a little over $300 billion.

How Much of the $300 Billion Remains?

To say Canadians are sitting on a $300 billion windfall waiting to juice the economy, would be a little misleading. There’s a big difference between excess savings (savings that are above and beyond what consumers would have typically saved before the pandemic) and available cash.

The amount of available cash is much smaller than excess savings. Statistics Canada calculates savings before large assets like homes, renovations, and mutual funds, all areas that Canadians spent on over the last two years.

How much of that $300 billion is left after that? Analysts at CIBC Capital Markets estimate that there is around $90 billion in excess deposits. That might sound like a lot, but it covers just one and a half months’ worth of retail spending in Canada.

And, because of high inflation and rising interest rates, more and more of that will go to paying down debt. Despite the influx of cash and growing savings, household debt ballooned during the pandemic. While Canadians paid down some debt, mortgage debt on real estate more than doubled in 2021 from 2019.

Are Household Debt Levels Climbing?

According to Statistics Canada, household debt is climbing again. In the second quarter of 2022, household debt as a proportion of income hit a record 181.7%, up from 179.7% in the first quarter. That means Canadian households have $1.82 in debt for every dollar of disposable income.

Higher household debt ratios are a negative economic indicator since that debt is borrowed on future income and economic activity. Household debt is mostly mortgage debt but it also includes items like credit card debt. Keep in mind, 181.7% is just an average; only one third of Canadian households have a mortgage.

The problem with a high household debt ratio is that it reduces a household’s ability to respond to economic shocks. Having an emergency fund or home equity line of credit (HELOC) can help mitigate risks but tapping into it to buy a hot tub and then having to pay it back when you need emergency funds can compound risks.

How Does Inflation Erode Savings?

Runaway inflation is also having a huge impact on savings. In an effort to avoid an economic meltdown during the 2020 pandemic, the Bank of Canada, U.S. Federal Reserve, and other central banks, cut their key overnight lending rates to historic lows. Low interest rates make it easier for businesses and individuals to borrow, which in theory, helps support economic growth.

Since Canadians and Americans took out or renewed mortgages or loans at near-zero interest rates, the cost of serving that debt during the pandemic was manageable. But with interest rates rising fast, a larger share of disposable income is being used to cover that interest.

To service that growing debt, roughly 7.3 million Canadians over the age of 18 have taken out loans or used their credit cards to keep up with inflation. And more than half (53%) of Canadians say they can’t keep up with rising inflation, especially with the price of food, gasoline, and energy.

Moreover, when asked in February 2022, half (51%) of Canadians said they wouldn’t be able to cover an unexpected $1,000 expense. Because of inflation, approximately 15% say they wouldn’t be able to pay for an unexpected bill regardless of the amount.

How Has Inflation Affected Spending in the U.S.?

The same kind of dynamics are happening in the U.S. During the pandemic Americans socked away an estimated $2.5 trillion in extra savings. But that nest egg is dwindling fast as Americans used their cash to combat the worst inflationary environment in over 40 years.

According to one report, two-thirds (67%) of Americans say they are using the money saved up during the pandemic to meet their daily needs.

In addition to rising inflation, wages are not keeping pace. From May 2021 to May 2022, real wages adjusted for inflation fell 3.0%, widening the gap between earnings and the cost of living. To deal with rising costs:

  • 8% of Americans have completely emptied their savings.
  • 23% have depleted a substantial amount they’d saved
  • 36% have spent a small amount from their savings

Not surprisingly, consumer debt is rising in the U.S. and savings are falling. Between the fourth quarter of 2021 and the first quarter of 2022, U.S. consumer debt rose by $266 billion. And that number continues to rise as more and more Americans tap their savings to make ends meet.

Through the week ending on September 21, cash had inflows of $30.3 billion while global equity funds saw outflows of $7.8 billion. Bond funds, meanwhile, lost $6.9 billion and gold lost $400 million.

With inflation still at 40-year highs and interest rates on the rise, more analysts are suggesting the U.S. and Canada are heading for a recession. Cash and commodities are expected to continue to outperform bonds and stocks, meaning savings will become a lot more important.

Canadians and Americans Are Seeing Their Savings Deplete

With inflation topping eight percent, anyone with money is seeing their savings evaporate. It’s a different story than 1981 when inflation topped more than 12% and banks were paying out more than 19% in interest. Even in the early 1990s, when inflation was at 5%, banks were paying more than 9% in interest.

The reason? Banks don’t need to pay more interest on accounts unless they have to. And there’s not a lot of incentive to do that right now; lower interest means more profits for banks.

All Canadians hope to retire in comfort, but few are taking the steps necessary to save enough to make it viable. Some don’t have enough money saved, others are seeing their savings depleted by rising inflation, and some don’t make enough to save a significant amount of money. Even some high earners are not prepared for retirement.

When it comes to creating a path to saving, it’s important to have a clear goal and know how much you need to save. It’s also wise to begin saving as early as possible. One way to maximize your monthly income and achieve your retirement goals is by investing in a high-interest savings exchange-traded fund (ETF) and fixed income ETFs.

About Evolve ETFs

With over $3 billion in assets under management, Evolve is one of Canada’s fastest growing ETF providers since launching its first ETF in September 2017. Evolve is a leader in thematic ETFs and specializes in bringing disruptive innovation ETFs to Canadian investors. Evolve’s suite of ETFs provide investors with access to: (i) long term investment themes; (ii) index-based income strategies; and (iii) some of the world’s leading investment managers. Established by a team of industry veterans with a proven track record of success, Evolve creates investment products that make a difference.  For more information, please visit www.evolveetfs.com.

For more blogs like this, insights on investing, and updates on related investment products, sign up for our weekly newsletter here.

 

The contents of this blog are not to be used or construed as investment advice or as an endorsement or recommendation of any entity or security discussed. These contents are not an offer or solicitation of an offer or a recommendation to buy or sell any securities or financial instrument, nor shall it be deemed to provide investment, tax or accounting advice. The information contained herein is intended for informational purposes only.
Commissions, management fees and expenses all may be associated with exchange traded funds (ETFs) and mutual funds (funds). Please read the prospectus before investing. ETFs and mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. There are risks involved with investing in ETFs and mutual funds. Please read the prospectus for a complete description of risks relevant to ETFs and mutual funds. Investors may incur customary brokerage commissions in buying or selling ETF and mutual fund units.
Certain statements contained in this blog may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “anticipate”, “believe”, “intend” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Evolve Funds undertakes no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law.
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Client information is private and confidential. Evolve recognizes that clients have a right to have their information protected.

Evolve’s Privacy Protection Policy governs the collection, use and disclosure of personal client information. Specifically, this policy outlines how Evolve complies with provincial and federal regulations governing client information including the Privacy Act and the Personal Information Protection and Electronics Document Act (PIPEDA).

PIPEDA is the privacy legislation of the Canadian federal government as of January 2004. Under PIPEDA no business may collect, use or disclose personal client information without clearly defining the purpose of such collection, use or disclosure and obtaining informed consent. The collection, use or disclosure is limited to purposes that a reasonable person would consider appropriate in the circumstances. The legislation further regulates the protection, retention and destruction of client information. PIPEDA offers clients the right to access their information upon request and challenge the information that is being retained.

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Accountability

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Intended Purpose

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Should client information be required for a new purpose, Evolve will take the necessary steps in order to seek additional consent.

Consent may be expressed in writing, orally or implied directly by the client or their registered dealers. In most cases consent is obtained via the subscription agreement process for client investments in funds managed by Evolve. All client information collected by Evolve will be kept confidential and shall not be disclosed to any third party, except for the specific reasons below or if the client has provided express consent.

From time to time, requests for client information may be received from: government agencies; law enforcement agencies; securities commissions; other self-regulatory organizations (SROs); or under a court order. Express consent will not be required if needed for: audit, statistical or record-keeping purposes; a legal reason or request by securities regulatory authority or SRO; to collect a debt owed by the client; to a legal professional for the purposes of obtaining legal advice; and pursuant to a court order. Should Evolve be asked to produce confidential information by any such entity, the Privacy Officer will comply. In some cases, the Privacy Officer may provide information on its own initiative if there are reasonable grounds to believe crime or a violation of securities regulation is involved.

Consent to use personal information may be withdrawn by a client at any time.

Collection

Client information will only be collected as needed for intended purposes. During the course of providing products or services to client, Evolve may collect personal information in several different ways: the website, by telephone, by written correspondence, or by e-mail. The purpose of collection of personal information is for the sole purpose of providing products/services and in order to adequately communicate information.

Upon acceptance of the user agreement on the website, visitors’ information is collected for the purpose of answering inquiries, providing marketing materials, corporate background and invite guests to access services.

Website information is collected in many forms including by obtaining the domain name of visitors, the email addresses and personal information that is volunteered, dealer information and geographic location. Evolve’s website may employ a standard technology to collect information about how the firm’s site is used for the purposes of improving website design.

Evolve does not transfer collected information to competitors. Website guests may occasionally receive emails from Evolve informing them of products and services.

Use, Disclosure and Retention

Client information will only be used for the purposes for which it was collected.

Evolve may share client information with authorities for regulatory or tax reporting purposes. Information may also be shared with SROs and legal bodies for reasons previously discussed.

Client information may also be shared with external service providers to Evolve and its products. Service providers include, but are not limited to: auditors, valuation agents, back office support, registrar and transfer agents and legal counsel. These service provider relationships are governed by agreements that confirm the proper handling and protection of client information.

Client information will only be retained for as long as needed in order to satisfy the stated purposes at the time of collection. When the information is no longer required necessary measures will be taken to destroy, dispose of, or delete the information.

Accuracy

It is important for Evolve to keep client information accurate in order to provide quality service and minimize the potential for misuse.

Evolve strives to keep client information correct, complete and up-to-date. Clients may be contacted periodically to ensure information is accurate on file.

Clients are requested to advise Evolve of any changes to client information, as Evolve is not liable for errors that cannot be corrected without client input. Should an inaccuracy be found, Evolve will act efficiently to correct it at no cost to the client.

Safeguards

Evolve has implemented various processes to safeguard personal information and restrict access to private information to personnel who need to know the information in order to service clients. Security measures include passwords on networks and systems and restricted access to the offices, and records within the offices.

Employees should be mindful to ensure that unitholder information is protected. Generally speaking, employees are not to disclose to other employees who do not have a legitimate need for the client information. In particular, all information and materials that employees access must be kept confidential, even after employment has ended. Annually, each of Evolve’s employees is required to attest to compliance with Evolve’s policies including the Privacy Protection Policy.

Note on Media: employees are not to communicate with the media – all media inquiries must be directed to Keith Crone.

Directness

Evolve makes every effort to explain policies and procedures to clients and explain how client information is managed. Evolve’s Privacy Protection Policy will be provided upon request by e-mail or phone. Also, a copy can be found on Evolve’s website. If clients have additional questions they may contact the Privacy Officer for clarification.

Access

Clients have a right to their personal information. Clients have the right to verify the accuracy and completeness of their personal information, and may request that it be amended. Upon request (in writing) with appropriate supporting documentation confirming identity, clients will be given their client files.

Under certain circumstances Evolve may not be able to provide clients with access to specific pieces of information. For example, clients will not be granted access to information containing references to other persons or that has proprietary information confidential to the firm. Also, access will not be provided to information that has been destroyed or is too costly to retrieve.

The Privacy Officer will respond to requests for access in writing within 30 days of receipt.

Complaint Process

Inquiries and complaints will be reviewed by the Privacy Officer and dealt with in a timely fashion. Specifics steps of Evolve’s privacy complaint recourse process are:

  1. All complaints are directed to the Privacy Officer who will maintain a detailed file on the complaint.
  2. The complainant will be notified of receipt of the complaint. All other applicable parties will be provided notice as well.
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Clients who remain dissatisfied with the results can bring the complaint to the attention of the federal Privacy Commissioner who is the ombudsperson for complaints under PIPEDA at:

Officer of the Privacy Commissioner

112 Kent Street, Place de Ville, Tower B, 3rd Floor, Ottawa, Ontario K1A 1H3

The request must be made in writing and include full contact details and as much detail as possible about the complaint.

Evolve’s Privacy Protection Policy is intended to provide clients with comfort that their personal information is handled with the utmost importance and care.

Evolve is continually balancing clients’ right to privacy with the needs of the business and therefore, welcome any feedback on how privacy protection policies and procedures can be improved.

Other Information

The Personal Information Protection and Electronic Document Act website:

https://www.priv.gc.ca/en/privacy-topics/privacy-laws-in-canada/the-personal-information-protection-and-electronic-documents-act-pipeda/

 

Website

This privacy policy sets out the information gathering and dissemination practices of Evolve Group Inc. (“Evolve ETFs”) in the use of the evolveetfs.com website. By using the website, you are consenting to this privacy policy and the collection, use and disclosure of your personal information by Evolve as outlined in this privacy policy. If this privacy policy is not acceptable to you, please do not submit any of your personal information. We may update this privacy policy from time to time and you are responsible for periodically reviewing the most current version of this privacy policy on the Website. Your continued use of the Website or submission of Collecting, Using and Disclosing Information. This privacy policy describes our policies regarding the collection, use and disclosure of the personal information that we (or our Service Providers on our behalf) collect about you on the Website such as your name, address, phone number, fax number, e-mail address or payment information. We may collect this information when you subscribe to, or sign your company up for, certain services, tools or features that we provide, when you register for seminars or other programs that we offer, when you fill out forms made available through the Website, when you enter a promotion or contest, when you complete a survey, when you e-mail us with general inquiries or with your comments or suggestions, or otherwise in connection with your use of the Website. We will limit the personal information we collect to what we need for the purposes for which it was collected, and will use such personal information for such purposes. We may also use personal information we collect to provide you with information on products, services and events that we or third parties offer that we believe may be of interest to you. If we wish to use your personal information for any other purpose, we will obtain your consent before using the information.

Storing of Information and Restricting Access
We may store your personal information (in encrypted form where we believe it to be highly sensitive) in electronic databases or e-mail boxes hosted by us or our Service Providers, for periods of time and with safeguards that we believe are reasonable depending on the nature and sensitivity of the information. Access to the information is restricted in accordance with our security protocols.
Due to the nature of Internet communications and evolving technologies, Evolve cannot provide assurance that the personal information we collect will remain free from loss, interception, misuse or alteration by third parties and Evolve shall have no liability for any loss, interception, misuse or alteration.

Automatic Collection of Information
In some cases, we may collect information about you that is not personally-identifiable. Examples of this type of information include your Internet protocol (IP) address, the type of Internet browser you are using, the type of computer operating system you are using, and the advertisement or domain name of the website from which you linked to the Website.

Cookies
Some pages on the Website use a technology called “cookies”. A cookie is a token that a server gives to your browser when you access a website. Cookies are capable of storing many types of data. Cookies may be placed by Evolve or a third party. Cookies help provide additional functionality to the Website or help provide and analyze Website traffic and usage information. For instance, our server may set a cookie that keeps you from having to enter a password more than once during a visit to one of the Website. In all cases in which cookies are used, we will not collect personally-identifiable information except with your permission. With most Internet browsers, you can erase cookies from your computer hard drive, block all cookies, or receive a warning before a cookie is stored. Please refer to your browser instructions or help screen to learn more about these functions.

Releasing Information
We may provide your personal information to other persons but only if: we have your consent; we provide the information to Service Providers who assist us in serving you and who have agreed to appropriate contractual provisions regarding the protection of personal information in accordance with applicable law; or we are required to do so by law, regulation or court order. We may send your personal information outside of the country for the purposes set out herein, including for process and storage by Service Providers in connection with such purposes, and you should note that while such information is out of the country, it is subject to the laws of the country in which it is held, and may be subject to disclosure to the governments, courts or law enforcement or regulatory agencies of such other country, pursuant to the laws of such country.

Respecting and Responding to Your Privacy Concerns
You have the option to refuse or withdraw consent to the collection, use and disclosure of your personal information, and we will respect your choices. If you wish to exercise this option or if you have any questions or enquiries with respect to our privacy policies or procedures, please send a written request to: info@evolveetfs.com. We will investigate and respond to your concerns about any aspect of our handling of your information. If you wish to edit and/or delete your information related to the tool features on our Website (including changing your settings such that you no longer receive Alerts), you may do so online through the Tools section on evolveetfs.com

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The content on this Website and any communications from Evolve is provided for informational purposes only and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. You should not act or rely on the content on this Website without first seeking the advice of appropriate professional advisors.

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