Show Me The Money – Canadians Say They Need A $250K Salary To Live Comfortably
$300,000 is desirable
Investment dealer Edward Jones wanted to know what Canadians think they need to be earning to live a comfortable life.
The majority said a pre-tax salary of $250,000 would make that happen.
But another $50-grand – or $300,000 – would allow them to live the life they truly desire.
That’s a fair bit higher than the median after-tax income of $56,000.
The study also looked at demographical differences when it comes to income expectations:
- Millennials the most modest. Those aged 18-34 came in lowest among the age groups stating they need close to $166,622 to feel financially comfortable and need at least $299,854 to afford the lifestyle they desire.
- Family matters. Canadians aged 35-54 believe they need an added $60,000 ($227,290) to be financially comfortable compared to millennials, which may be attributed to familial financial responsibilities.
- Planning for retirement could be impacting Canadians in the 55-64 age group; these respondents averaged needing the highest number of pre-tax income at $398,347. When asked how much they need for the lifestyle they want, the figure dropped by over $70,000 to $325,066, which signals this age group may be saddled with unwanted financial responsibilities.