The Average Canadian is Truly Joe Average
As Canadians we have a lot to be proud about in terms of living in a wonderful country like Canada. The best country in the world, in fact. Where else can you retire on nothing and still be taken care of (see my previous blog Ridiculous Retirement Advice). However the stats for the average Canadian as a person are considerably less impressive:
- the average male is slightly overweight (think of that ugly beer belly many middle-aged men sport) and only earns $30,000 a year
- Many Canadians spend $2,000 on fast food and/or restaurants annually yet they save zero for retirement (again, that relates to my previous post if you are interested in the no-frills retirement option)
- the average Canadian is $112,000.00 in debt …. watch cbc a living wage instead of minimum wage
- Canadians spend more on booze than fresh fruits and vegetables
- these stats don’t jibe with the fact that most Canadians have graduated from college or university
- most people are happy with their economic situation
- if you live in a house larger than 1,900-sq.-feet, contribute anything at all to your RRSPs and don’t have a mortgage, you’re doing better than most
- The average household debt, including mortgages, credit cards and personal loans equates to a monthly payment of about $1,140 …. watch canada’s growing debt
- There’s no evidence that we have a retirement crisis since overall Canadians contribute 30% to their RRSPs
- If your family brings in more than $68,000 a year, you’re doing better than average
The average household rake in between $68,000.00 and $86,000.00, but that is only if both spouses are working. It is the combined salaries that raise the household income from a single person (on average only $30,000 to $40,000) to these higher amounts. Usually those who are university educated fare far better financially. An individual can make as much money annually as a combined household income with 2 adults who haven’t graduated from a post-secondary institution.
The stats seem rather disparaging to me, personally but in comparison with the United States they really aren’t so bad:
- In 2006, the median annual household income rose 1.3% to $50,233.00
- The real median earnings of men who worked full-time, year-round climbed between 2006 and 2007, from $43,460 to $45,113
- For women, the corresponding increase was from $33,437 to $35,102 watch thomas sowell – gender bias and income disparity – a myth?
- households with an income exceeding $60,000, had two income earners
- The educational attainment of the U.S. population reflects that the vast majority of the population has completed secondary education and a rising number of college graduates outnumber high school dropouts.
- As a whole, the population of the United States is spending more years in formal educational programs
- an average per person of more than $43,000 in debt
- the American mortgage debt works out to over $60,000 in housing debt for every adult in the country
- the average debt for every adult in the United States is $113,360
- Average credit card debt per household with credit card debt: $15,956
You’re no better off if you skip to the States to try to capitalize on lower-income taxes as a senior retiree. Stats seem to bear this out. The numbers sound abysmal but apparently if you fall in that range somewhere, you’re doing okay. It seems the average Canadian and the average American have a lot in common. Who knew?
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