The median net worth varies depending upon where you live in Canada. After 65, most Canadians have retired, their income has decreased, and they have begun to draw down their investments, hence the decrease in median net worth. The average Canadian doesn't reach their peak earning years until they're well into their 40s, or even 50s. It makes sense that a person's net worth increases with age. Now that you understand what net worth is and how it's calculated, let's take a closer look at the median net worth for different age groups, as per Statistics Canada: You can determine your net worth or your family's if you have a spouse or common-law partner. If the opposite is true (liabilities > assets), you'll have a negative net worth. Total assets – Total liabilities = Total net worthĪs long as your total assets exceed total liabilities, you will have a positive net worth. Of course, assets represent things you own, and liabilities are your debts, or the amount that you owe. Ready? Let's get started! Net worth definitionĪ person's net worth is the difference between their total assets and liabilities. But what exactly is net worth, and how is it calculated? In this article, we'll dive into the numbers (thank you Stats Can), and I'll do my best to interpret what the median net worth of Canada's population means for your personal finances. In the past few years, growth in housing prices and the stock market have improved the net worth of Canadians across the board.
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