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

Three new buses on the way for Fraser-Cascade School District

A change to funding from the ministry will allow the district to purchase three replacement buses

Kent honours late CAO with tree planting

Tony Lewis passed away in 2007, seven months before his retirement from the position

Judge questions joint submission for Chilliwack man who sexually assaulted girl

Crown, defence ordered to find case law to back up one-year sentencing for Andrew Mullaly

School trip tragedy leaves Hope mourning the loss of one of their own

Long-time resident, Sandra Loring, passed away while chaperoning a European school trip

Fraser Health reminds parents to get their kids fully vaccinated against measles

Health authority will send letters home to parents with catch-up program information

Harrison Mills band holding contest to decide name

The local cover band will be announcing the winner at a concert on May 3

Busy day for passengers on BC Ferries

First two sailings from Tsawwassen to Swartz Bay full Thursday morning

B.C., Ottawa talk 50/50 split on abandoned bus-route service

B.C. has paid $2 million on a bus service for the northern part of the province

VIDEO: Vanouver Giants come back to earn 4-3 overtime victory

Playing in Spokane for the second consecutive night, the G-Men triumph put them 3-1 in the playoffs

‘B.C. cannot wait for action’: Top doctor urges province to decriminalize illicit drugs

Dr. Bonnie Henry says current approach in ‘war on drugs’ has criminalized and stigmatized drug users

B.C. woman, 76, challenges alcohol-screening laws after failing to give breath sample

Norma McLeod was unable to provide a sample because of her medical conditions

New report on 2017 wildfires calls for better coordination with B.C. First Nations

Tsilhqot’in National Government documents 2017 disaster and lists 33 calls to action

B.C. youth coach banned amid sexual harassment, bullying scandal: Water Polo Canada

Justin Mitchell can’t take part in Water Polo Canada events or clubs

Most Read