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

Beban Pool closure idea no longer under consideration

Nanaimo city council removes 10 core service review recommendations

Nanaimo RCMP seize suspected stolen bike, look for rightful owner

Anyone missing a Nakamura Monster mountain bike asked to call police

Editorial: Byelection will bring ideas and representation

Nanaimo-Ladysmith will be better served with an MP than with no MP

Rotary gets the go-ahead for a peace garden at Maffeo Sutton Park

Club will fully fund $200,000 project in a corner of the park looking out on Newcastle Channel

First day of sentencing held in Nanaimo hotel murder case

Brandon Woody pleaded guilty to second-degree murder in what Crown council described as ‘execution’

Prime Minister Trudeau comes campaigning in Nanaimo

A day after announcing a May 6 byelection date for Nanaimo-Ladysmith, Justin Trudeau visits city

Harbour Air to convert to all-electric seaplanes

Seaplane company to modify fleet with a 750-horsepower electric motor

Rock group comments on modern love on debut album

Calgary rock group the Northern Coast make Nanaimo debut at the Cambie tomorrow

Candidates hit the campaign trail as Nanaimo-Ladysmith byelection called

Trudeau announces that voters will go to the polls May 6

Howard the giant gnome finds new home on Vancouver Island

Iconic attraction will move from Nanoose Bay to Galey Farms in Saanich

UPDATED: Three dead in Surrey crash: police

Single-vehicle crash occurred around 10:30 a.m., police remain on-scene

Eviction halted for B.C. woman deemed ‘too young’ for seniors’ home

Zoe Nagler, 46, had been given notice after living in the seniors complex in Comox for six years

Is it a homicide? B.C. woman dies in hospital, seven months after being shot

Stepfather think Chilliwack case should now be a homicide, but IHIT has not confirmed anything

Coroner’s inquest announced for Victoria teen’s overdose death

Elliot Eurchuk was 16 years old when he died of an opioid overdose at his Oak Bay home

Most Read