Majority feel an income of $300,000 is needed to live the life they truly desire
Mississauga – October 24, 2018 – Canadians have big dreams, according to a recent survey from Edward Jones. The poll conducted by Leger, found that Canadians believe they need to an average pre-tax salary of $250,000 to feel financially comfortable. This stands in stark contrast with the country’s median, after-tax income of $56,000 as reported in 2015 by Statistics Canada.
According to the data, Canadians’ financial ambition is high: when asked how much money individuals feel they would need to have the lifestyle they truly desire, most added another $50,000 bringing their ideal income total, before tax to $300,000.
“It’s encouraging to see Canadians have a general idea of where they want to be, but have they actually sat down and thought about the lifestyle they want in detail?” said, Patrick French, principal of solutions tools and consulting with Edward Jones. “A financial advisor can help you put pen to paper and do the math, outlining the financial steps you need to take to get you closer to where you want to be through a thoughtful conversation and a disciplined process.”
They study also took a deeper dive into the demographical differences when it comes to income expectations and found:
*Regional data is available upon request.
This news release presents the findings of an online survey of 1565 Canadians between May 23 to 26, 2017. In order to qualify for this survey respondents had to be 18 years of age or older and reside in Canada.
About Edward Jones
Edward Jones is a full-service investment dealer with one of the largest branch networks in Canada. It is a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund, and a participating organization of the Toronto Stock Exchange.