A glimpse inside your neighbours' wallets: MoneySense's All-Canadian Wealth Report unveiled



    Are you earning the paycheque you should? Is your net worth on target?
    MoneySense peeked into wallets across the country to reveal the
    surprising answers.

    TORONTO, Oct. 30 /CNW/ - Are you on track for wealth? Are you doing
better than your neighbors? It's easy to find out, thanks to a comprehensive
report on the state of our wallets in the latest issue of MoneySense magazine.
You can use the report to see how your income, your net worth and your
retirement savings compare to those of other Canadians.
    The report reveals some fascinating trends in wealth accumulation. When
MoneySense last presented our All-Canadian Wealth Report in our November 2003
issue, we divided all Canadians into five equal groups, ranging from the
poorest to the wealthiest, and showed you how much net worth each group
possessed. To be considered middle class you had to possess $65,900 to
$169,000 in net worth. To qualify for the top group - to be among the richest
20% of Canadians - you had to be worth more than $380,600.
    Fast-forward to 2007 and the numbers have shot up, up, up. The middle
class now spans those with $92,400 to $244,300 in net worth. To be admitted to
the top tier of net worth, you need more than $656,700 - nearly $300,000 more
than was required four years ago. The last four years have been very good to
many Canadians.
    But not all the news is so cheery. Canadians are taking on more debt than
ever before. Furthermore, the bulk of the gains in wealth have gone to our
richest citizens. The middle class has enjoyed a far smaller boom, while the
poorest Canadians have little to show for the past several years. Perhaps
because of those factors, most Canadians are ill-prepared for retirement.
    All-Canadian Wealth Report: Some numbers....

    Canadian debt:

    Debt levels are soaring among Canadian families. Measured as a percentage
of assets, debt is particularly high among the young:

    
    ---------------------------------------------------
                                      Debt per $100 of
                                                assets
    ---------------------------------------------------
    All families                                   $14
    ---------------------------------------------------
    Families under 35 years of age                 $39
    ---------------------------------------------------
    Families 35 to 44 years old                    $24
    ---------------------------------------------------
    Families 45 to 54 years old                    $13
    ---------------------------------------------------
    Families 55 to 64 years old                     $7
    ---------------------------------------------------
    Families 65 years and over                      $2
    ---------------------------------------------------
    

    Are you paid enough?

    Your total income (line 150 on your income tax return) is one indicator
of how well you're doing financially. The median annual paycheque in Canada is
$26,300.

    
    ----------------------------------------
    Income Rank        Total income in 2006
    ----------------------------------------
    Lowest paid 20%        Less than $9,600
    ----------------------------------------
    Next 20%              $9,600 to $19,100
    ----------------------------------------
    Middle 20%           $19,100 to $33,300
    ----------------------------------------
    Next 20%             $33,000 to $56,500
    ----------------------------------------
    Best paid 20%         More than $56,500
    ----------------------------------------
    

    For further statistics, information and media inquiries regarding the
All-Canadian Wealth Report, contact jacqueline.segal@rci.rogers.com.

    About MoneySense:

    MoneySense is Canada's personal finance and lifestyle magazine. Packed
with smart features, practical advice and easy-to-follow financial tips on
everything from home improvement to mutual funds, an average MoneySense issue
attracts 892,000 Canadians on the lookout for new ways to save, invest and
spend. MoneySense.ca is Canada's best all-around personal finance Web site.





For further information:

For further information: Jacqueline Segal,
jacqueline.segal@rci.rogers.com


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