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Economic Viewpoint

Household Finance Health Check

Why Do Some Canadians Save So Much More than Others?

July 24, 2025
Randall Bartlett, Deputy Chief Economist • Sonny Scarfone, Principal Economist • LJ Valencia, Economist

What do Quebec, Alberta and Saskatchewan have in common? They currently report the highest household savings rates in Canada. While high incomes support savings in the Prairie provinces, Quebec’s performance is primarily driven by more restrained household spending.

Quebec has experienced strong compensation growth over the past decade, helping to narrow the income gap with higher-earning provinces. Nevertheless, average household disposable income in the province remains significantly below the national level.

Lower household spending across income brackets has been a key factor supporting Quebec’s elevated savings rate. On average, Quebec households spend approximately $15,000 less than the national average, with middle-income households spending roughly $22,500 less than their counterparts in Ontario.

Housing affordability and broader cost-of-living differences have played a central role in shaping these trends. Relative affordability in Alberta and Saskatchewan has also contributed to their high savings. In contrast, a lack of affordability in high-earning British Columbia (BC) and Ontario has eroded savings.

Looking ahead, regional differences in demographics, housing costs, and economic pressures are expected to drive increasingly divergent savings patterns across provinces. These dynamics will shape household financial resilience and influence the broader macroeconomic outlook.

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Household Finance Health Check (PDF, 455 KB)
NOTE TO READERS: The letters k, M and B are used in texts, graphs and tables to refer to thousands, millions and billions respectively. IMPORTANT: This document is based on public information and may under no circumstances be used or construed as a commitment by Desjardins Group. While the information provided has been determined on the basis of data obtained from sources that are deemed to be reliable, Desjardins Group in no way warrants that the information is accurate or complete. The document is provided solely for information purposes and does not constitute an offer or solicitation for purchase or sale. Desjardins Group takes no responsibility for the consequences of any decision whatsoever made on the basis of the data contained herein and does not hereby undertake to provide any advice, notably in the area of investment services. Data on prices and margins is provided for information purposes and may be modified at any time based on such factors as market conditions. The past performances and projections expressed herein are no guarantee of future performance. Unless otherwise indicated, the opinions and forecasts contained herein are those of the document’s authors and do not represent the opinions of any other person or the official position of Desjardins Group.