Canadians believe they need an average pre-tax salary of $250,000 to feel “financially comfortable,” according to a poll published Wednesday from Mississauga, Ont.-based Edward Jones.
That’s about four times the country’s 2015 median, after-tax income of $56,000, as reported by Statistics Canada.
When asked how much money they’d need to afford an “ideal lifestyle,” Canadians rounded up to $300,000 gross income on average.
Of the various demographics polled, millennials have the most modest estimations of what they would need to feel financially secure, about $166,622. To afford their ideal lifestyles, though, they say they’d need at least $299,854.
Canadians aged 35-54 believe they need $227,290 to be financially comfortable, $60,000 more than millennials, which may be attributed to family responsibilities.
The data also suggest that Canadians closer to retirement age may be “saddled with unwanted financial responsibilities,” as their ideal lifestyles ($325,066) would actually cost $70,000 less than what they think they would need for financial security ($398,347).
“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?” Patrick French, principal of solutions tools and consulting with Edward Jones, says in a statement. “A financial advisor can help you put pen to paper and do the math.”