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

Fire Hall Kitchen and Tap’s second annual Happy Camper Day Thursday

Every pint purchased April 25 goes towards sending kids to summer camp

Community choirs preparing for Mountain Voices tour

Three local choirs set for three performances in Crowsnest Pass, Fernie and Cranbrook

New lights shine on local stage

Upgrades at Studio Stage Door theatre illuminate a new era for Cranbrook Community Theatre

Cranbrook hockey player heads to U15 provincial tournament

Owen Johnson is one of two Cranbrook hockey players attending the annual event

Special Olympic athletes work on public speaking

The Kimberley/Cranbrook Special Olympics had two athletes build up their public-speaking skills

VIDEO: ‘Alarm bells’ raised by footage allegedly from B.C. pig farm, SPCA says

PETA released video Wednesday showing dead and injured piglets next to nursing piglets

Hugs & Slugs

Slugs: Huge Slugs to the rude, abusive elderly couple at the Superstore… Continue reading

Female real estate agents warned of suspicious man in Metro Vancouver

The man requests to see homes alone with the female agent, police say

Can you put your phone down for Mother’s Day?

#DiningMode campaign encourages people to leave the phone alone while eating

Horgan heckled as gas prices sit at record high, could go up more

Premier John Horgan blames refiners, not taxes

SPCA investigating after newborn kittens found in Vancouver dumpster

The kittens were found suffering from hypothermia and dehydration

‘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

Many teens don’t know they’re vaping nicotine, Health Canada finds

Canadian Tobacco, Alcohol and Drugs Survey finds youth unaware of nicotine product risk

B.C.’s largest Vaisakhi festival target of threatening Facebook post: Surrey RCMP

Police say they are investigating the posts on Facebook, after local MLA forwarded screenshots

Most Read