Is a $100,000 salary still enough?

You’ve finally hit that six-figure income sum after so much hard work. You should feel proud of this milestone. While $100,000 salary is still a lot of money, there are many parts of Canada where it doesn’t stretch for basic living costs. Even for a single individuals.

Not too long ago, a $100,000 annual salary was considered a significant milestone, ensuring a comfortable standard of living for many. However, with the changing economic landscape, inflation, and shifting priorities, it's becoming increasingly apparent that this figure might not be as substantial as it once was.

While Canadian Gen Z and millennials may be making more than their parents on paper, Baby Boomers were able to live a cheap and stable lifestyle. And they had enough left over for savings.

A study by Deloitte found that 46% of Gen Zs and 47% of millennials live pay cheque to pay cheque. Further, a BDO Debt Solutions survey suggests that 53% of Canadians overall are living cheque to cheque. https://lnkd.in/gzUPfxXe.

What are your thoughts on this trend? What is a comfortable salary these days?