Last month we reported that Canadian Millennials needed about $100,000 a year to be happy.
This was based on a study conducted in the United States, so we assumed the results would be more or less the same in Canada. Well, we were way off. Not only do Canadian Millennials need way more than that to be happy, they say it’ll take $166,000 a year just to keep them financially comfortable.
The figure comes from a poll taken by research intelligence group Leger, which paints an ambitious picture. Canadians across all ages said they need to take home a pre-tax salary of $250,000 to feel financially comfortable. As for having the lifestyle they desired, that’ll take another $50k.
That’s right, Canadians think they need $300,000 a year to be happy (that’s also the number cited by Millennials).
There are many studies that suggest money only affords happiness to a certain point. The plateau – the point where more money does not equate to more happiness – is usually around $130,000.
So, what’s going on? Well, no one is saving, for one (most Millennials have less than $1000 set aside for a rainy day). Canadians are also among the most indebted in the world. And without a lot of confidence in their pensions, it’s no wonder many think they need to make a lot of money in the near future to afford a decent life.
Objectively, of course, anything over $75,000 a year should be enough to buy a sufficient amount of happiness (the median salary among Canadians is $51,000 a year).