Savings have deteriorated for a majority of Canadians, particularly the bottom 80 per cent of Canadian households, as spending significantly outpace income growth, according to research by Boston Consulting Group.
Consumer spending is up, but that growth isn’t coming from income for those outside the top 20 per cent earners. The report said that for the lowest 20 per cent of earners, spending jumped 27 per cent over the past five years, while disposable income just went up three per cent.
