poll results

How much money do you need to live the life you truly desire?

An Edward Jones survey suggests that $300,000 a year in pre-tax income is what Canadians need for a care-free lifestyle

While being the target audience for $8 avocado on toast and $5 specialty coffees, it may come as a surprise to some that millennials are the most modest of adult Canadians when it comes to financial comfort.

Canadians feel an average pre-tax salary of $250,000 will pave the way to stress-free financial ease, according to a poll released by Edward Jones this week. The findings were based on results of an online survey conducted by Leger that saw 1,500 respondents across the country.

That’s in stark contrast to the the country’s median, after-tax income of $57,000, reported earlier this year by Statistics Canada.

Broken down by age, millennial respondents ages 18 to 34 were the most modest, the poll suggests. The average ideal income was just under $167,000.

READ MORE: Average millennial could wait 150+ years to buy home in one B.C. city

READ MORE: B.C. seniors’ poverty rate highest in Canada:

Respondents ages 35 to 54 said they need roughly $227,000. Edward Jones said this may be attributed to familial financial responsibilities.

Meanwhile, those planning for retirement – or ages 55 to 64 – said they need the highest amount of pre-tax income of $398,000.

“The research indicates that financial expectations and needs are continuously evolving through different stages of life,” said Patrick French, principal of solutions tools and consulting with Edward Jones.

When asked how much more money they’d need to have the lifestyle they truly desire, most respondents added another $50,000 to their ideal income, according to the poll. Millennials cited that they need about $90,000 more.

When asked how much they need for the lifestyle they want, senior respondents dropped the figure by over $70,000 to $325,066. This could signal this age group may be saddled with unwanted financial responsibilities, Edward Jones said.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

B.C. BUDGET: Surplus $374 million after bailouts of BC Hydro, ICBC

Growth projected stronger in 2020, Finance Minister Carole James says

First residents move into Nuxalk Nation’s tiny homes

Four of the tiny homes are now complete and residents have moved in

Province announces $100-million grant funding for Northwest communities

The Northern Capital and Planning Grant will go to four regional districts and 22 municipalities

All Native Basketball Tournament Day 5: Recap

Highlights and results from day 5 at the All Native Tournament

VIDEO: 8 things you need to know about the 2019 B.C. budget

Surplus of $247 million with spending on children, affordability and infrastructure

‘Bullet missed me by an inch’: Man recounts friend’s killing at Kamloops hotel

Penticton man witnessed Summerland resident Rex Gill’s murder in Kamloops

B.C. BUDGET: Income assistance raise still leaves many below poverty line

$50 per month increase included in funding for poverty and homelessness reduction

B.C. BUDGET: Indigenous communities promised billions from gambling

Extended family caregiver pay up 75 per cent to keep kids with relatives

B.C. BUDGET: New benefit increases family tax credits up to 96 per cent

BC Child Opportunity Benefit part of province’s efforts to reduce child poverty

B.C. BUDGET: Carbon tax boosts low-income credits, electric vehicle subsidies

Homeowners can get up to $14,000 for heating, insulation upgrades

B.C. man survives heart attack thanks to Facebook

A Princeton man suffered a heart attack while at an isolated property with no cell service

B.C. man sues Maxime Bernier’s People’s Party over trademark

Satinder Dhillon filed application for trademark same day Maxime Bernier announced the new party

Minister says plans to fight poverty, climate change, focus of B.C. budget

The NDP said in its throne speech last week that affordability will be the hallmark of its initiatives

Most Read