Canadians say they need $250,000 to be financially secure
Posted October 24, 2018 8:07 pm.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – The average Canadian says they would need significantly more money than they make to feel financially comfortable.
A new Edward Jones poll conducted by Leger, found that Canadians feel they need an average pre-tax salary of $250,000.
The median Canadian salary however – as of 2015 – is $56,000.
But Canadians are even more ambitious than that.
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According to the poll, when asked how much money they would need to earn for a lifestyle they really wanted, the ideal income rose to $300,000.
However, different age groups seemed to have different expectations for their financial wants and needs.
Millennials are the most modest. From those who responded to the poll, people ages 18 to 34 said they would need around $166,000 to feel comfortable, and just under $300,000 for the lifestyle they want.
Planning for retirement seemed to be a factor in what amount of money was considered sufficient.
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Those between the ages of 55 and 64 said they would need the highest pre-tax income at just under $400,000. When it comes to how much they felt they would need for the lifestyle they want, the number dropped to $325,000.
This could mean the respondents feel they are weighed down by unwanted financial responsibilities.
As for Canadians between the ages of 34 and 54, they said they needed about $230,000 to be financially comfortable – about $60,000 more than Millennials. This could be because of the added financial pressures related to raising a family.
