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.
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.”