How Much Money Do You Need to Earn to Live Comfortably? - Abacus Data

Generational ChangeWorkplaceOksana Kishchuk May 25, 2023 The last year has shown that living costs can be high and unpredictable. The cost of food and other home goods has meant living a comfortable life day-to-day is more pricey for everyone. And the rapid rise in house prices, not yet matched by wage increases, have meant other living costs have put comfort out of reach for more folks. With this, we were curious. How much income do people believe they need to live comfortably? And how does it differ by age.To begin, on average Canadians say they need to earn $79,280 (before taxes) annually to live a comfortable life. It is higher for those with a partner ($85,445) and lower for those without ($72,919). It is lowest in Quebec, and highest in Toronto. And those who have children, say they need to earn about $30,000 more than those without.Those with a household income lower than $75,000 say they’d need to earn more than they do now to live a comfortable life- but a relatively modest in...