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

Gas prices on Vancouver Island to drop six cents

But a ‘volatile’ market could lead to increases in the coming weeks

Chemainus Fun Run participants spice up their lives

Inaugural Pumpkin Spice event adds a dash of excitement to sunny November day

Who was Chris Bloomfield, the Mill Bay man shot by police?

A troubled man with a voracious appetite for illicit drugs and a non-conventional lifestyle

BC Ferries passengers wait to leave Vancouver Island after Remembrance Day

Traffic aboard BC Ferries slows after Remembrance Day long weekend

Throw a snowball to help kids at BC Children’s Hospital

Effort will raise money for sick kids over the holidays

Vancouver Island remembers

Important stories shared as Islanders salute those who made the greatest sacrifice

B.C. on track to record same number of overdose deaths as last year

128 people died of overdoses in September, bringing the total to more than 1,100 so far in 2018

Canada Post strike having ‘critical’ impact on retailers, eBay tells PM

Canada Post says it is now facing an unprecedented backlog of shipments, largely as a result of strikes

NASA wants Canadian boots on the moon as first step in deep space exploration

The U.S. is seeking broad international support for the next-generation space station to send into orbit a in 2021

B.C. Lions GM Ed Hervey has plan for busy off-season

The Lions’ season ended Sunday with a crushing 48-8 loss to the Hamilton Tiger-Cats in the East Division semifinal

Fundraising firefighters complete quest for B.C. Paralympian

The four Penticton residents raising money for Victoria Paralympian complete journey

PHOTOS: Hockey history in B.C. as Team India comes to play

Squad played its very first game in Canada on Tuesday against Surrey Falcons

B.C. man wanted in connection to domestic assault in Edmonton

Sterling Miles Booker has ‘ROCK’ and ‘ROLL’ tattooed on his hands

Most Read