Food for thought...

Have you ever wondered how your financial picture compares to others? While this is not a subject we often talk about with others, there are times when we would truly like to know. The information provided below is given to help give you a picture of the world we currently find ourselves in.

Where people are at today...

And why.

Personal savings rate fell from 12.9% in 1990 to 3.9% in 2001
59% of Canadians wonder who will pay the bills when they retire
Canadians owe a record $460 billion in residential mortgages, add in personal loans, credit cards, line of credit and consumer debt = $660 billion
The population is only 30 million, so that’s $22,000 each (including your 6 month old nephew)
There were 70,000 bankruptcies in 2000 up 4% from 1999
A Toyota Camry in 1982 cost $7,983, the same car in 2002 cost $26,000.
The average house cost in 1982 was $82,500, in 2002 it was $150,000.
Gasoline in 1982 cost $0.22, in 2002 it was $0.58, today it cost $0.70 - $0.90.
In 1985 the average family income was $38,059, in 1997 it was $57,146

Do incomes really keep pace with inflation?

The first time the Dow crossed over 5000 was in 1995
Of the people retired today at age 65: 45% dependent on relatives, 30% dependant on charities, 23% still working, 2% self-sustained
93% of men age 65 who have failed to save said it was due to a lack of planning, not lack of income
The average household assets $157,200. This includes mortgages and cars as well as savings and investments
55% of population has life insurance, average amount owned is $127,600. Is someone dependent on your income, if so would $127,000 be enough. (10% a year is $12,760 to replace your income)
% of the population with investments, 60% RRSP, 47% in company pensions, 88% bank deposits, 14% mutual funds, 10% stocks, 14% bonds
The average account sizes - $55,900 RRSP, $104,600 in company pensions (can you retire on this)
The average credit card debt (per card) is $3000 vs. $9000 in USA and the average person has 3 cards
The average personal loan per family $44,300. The average mortgage is $83,000
Debt is 116% of disposable income in Ontario
The average person coming out of post secondary education owes $22,000 in student loans. (This is just starting out in life)
95% of population age 55 - 64 and still working plan on having another job the day they retire
1 person in 8 attend church in Canada, 1 in 4 in the U.S.A. (This means we need to start Fishing, see Matt. 4:19)
45% of retired Canadians live on less than $15,000 annual income including pensions, government assistance, and investments (this is $1,250 per month)
Over 70% of Canadians do not have a will