Average savings per household in Canada 2000-2022, by age group

Households where the major income earner was from 35 to 44 years old had the highest amount of net savings in 2022. That segment saved on average nearly 28,000 Canadian dollars that year alone. Households of individuals older than 64 had negative net savings amounting to 13,603 Canadian dollars, which means that their expenses were higher than their revenue. These figures do not show the overall value of savings accumulated in bank accounts and other assets, but the amount of money that households managed to save in a single year. The amount of savings reached unprecedented highs during 2020 due to the COVID-19 pandemic and the consequent measures introduced by governments to tackle the outbreak.