Aug 272015
 

Comparing Household Incomes from 2006 to 2011

I recently watched a CBC video report that looked at how incomes have changed for different types of households. According to Statistics Canada, during the years between 2006 and 2011, family households saw their incomes increase by 7% on average. 🙂 However, single people have been left behind as their incomes only rose 0.6%. It appears having a stable family with two parents has great financial benefits for everyone involved. These stats measure after-tax income, and is properly adjusted for inflation.

Let’s break down these households even more.

15-08-stable-family-are-more-money-you-better-off-income

So basically single senior men and two-parent families are doing much better now than nine years ago. 😀 Single senior women and single moms didn’t fair too badly either, with 7% and 5% income gains respectively. On the other hand, single women who don’t have children have seen almost no growth to their net incomes. And single men have actually experienced deteriorating incomes from 2006 to 2011, especially if they also happen to be a single dad. Since financial independence is one of my long term goals I think the lesson for me here is try not to become a single dad, lol.

Of course all these numbers are averages and there is always a range of possibilities for personal finance. It’s interesting how this study demonstrates the closing income gap between single women and men. It also suggests that seniors, for the most part, are doing great on their own. When a new baby comes into a family, many changes are necessary. ? But it’s worth it because the family will likely be making more money. I wonder what these numbers look like for other countries.

————————————————————————
Random Useless Fact:

“Be more concerned about your character than your reputation. Your character is what you really are, while your reputation is merely what others think of you.”

16
Leave a Reply

avatar
8 Comment threads
8 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
8 Comment authors
Renée (@nickelbynickel)BeSmartRichVanessaLiquid IndependenceVivianne Recent comment authors
  Subscribe  
Notify of
Cassandra
Guest
Cassandra

Don’t mix up cause and effect here. Couples who don’t have money problems are more likely to have kids and stay together.

Amanda @ My Life, I Guess
Guest
Amanda @ My Life, I Guess

Ironically, I made more money 9 years ago as a student than I’m making now. Womp womp…

Jess @ Best Credit Cards Canada
Guest

Did they give any indication as to why this was the case? It’s an interesting trend but it would be cool to know if there is a reason for it!

PC
Guest

Question to you now: Are you working on finding a wife and starting a family to benefit from this household increase? The faster you do this, your wealth will grow exponentially!! 🙂

Vivianne
Guest

This doesn’t apply to us financial freedom fighter. I pretty much double my income since starting off.

Vanessa
Guest

I love beating the average 😛

2006 income: $13,800
2011 income: $21,400, or 55% increase

BeSmartRich
Guest

Looks like happier people are working towards their financial independence faster than others!

Renée (@nickelbynickel)
Guest

I think this year I’m finally going to beat that single childless female statistic!