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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Monday rings in partial return of school across Saanich Peninsula

Saanich School District reopening of schools comes with revised health measures

B.C. Conservation kills bear in Langford amid growing problem of habituation

Officer demands garbage lockdown for residents in bear territory

Killing of Discovery Island wolf was legal, says BC Conservation Service

Takaya was shot and killed by hunters on March 24

Pub seeks 55-seat patio on Oak Bay Avenue

Oak Bay invites businesses to expand onto sidewalks, parking spots

Police enforce school zone speed limits as Greater Victoria students return to class

Saanich police on the lookout for speeders outside Glanford Middle School

VIDEO: A Vancouver Island black bear takes weekend nap in eagle tree

Videos captured by Terry Eissfeldt shows the bear arriving Saturday night and sleeping in on Sunday

COVID-19 birthday drive-by celebrations snuffed out in Island community

Bylaw officer visit with threats of a fine mean parade trucks taken off the road

Vancouver Island Regional Libraries to offer ‘takeout’ style services

VIRL will offer the service on a branch-by-branch basis

George Floyd asphyxiated by sustained pressure: family autopsy

Death sparked a wave of protests across the U.S. and abroad

COVID-19: B.C. commercial landlords can’t evict if they decline rent assistance

Emergency order ‘incentive’ for federal program, Carole James says

B.C. Hockey League prepping for 2020-21

League reviewing different scenarios and start times in compliance with provincial regulations

Duncan’s Queen Margaret’s School pioneers thermal imaging in school reopening

Private school is first in B.C. to use new tech post-COVID-19

Investigators probe death of CN employee at Surrey rail yard

Transportation Safety Board is investigating an ‘occurrence that took place during switching operations’

Most Read