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Average Canadian net worth 2018: Introduction
According to the most recent Statistics Canada report published in 2017. The Survey of Financial Security, the median net worth of Canadian families was $295,100. That is the latest federal government official statistic we have in determining the average Canadian net worth 2018.
There’s always been talk about how a financial crisis can adversely affect your health but now a new study published in the Journal of the American Medical Association suggests that wealth shock may actually shorten your life.
Average Canadian net worth 2018: What is wealth shock?
Researchers defined wealth shock as a loss of 75% or more in financial value over two years. The average loss was about $100,000. This catastrophic financial crisis could include a drop in the value of investments or realized losses like home foreclosure. The effect was more marked if the person lost a home as part of the wealth shock, and it was more pronounced for people with fewer assets.
Average Canadian net worth 2018: How does wealth shock affect your life expectancy?
Researchers analyzed 20 years of data from the Health and Retirement Study, which checks in every other year with a group of people in their 50s and 60s and keeps track of who dies.
- Wealth shock was tied to a 50% greater risk of dying
- Middle-aged Americans who experienced a sudden, large economic blow were more likely to die during the following years than those who didn’t
- Women were more likely than men to have a wealth shock
- Wealth shock crossed socio-economic lines, affecting people no matter how much money they had to start
Average Canadian net worth 2018: This is really a story about everybody
Although this study was conducted in the U.S., “This is really a story about everybody,” said lead researcher Lindsay Pool of Northwestern University’s medical school. “Stress, delays in health care, substance abuse and suicides may contribute”, she said. North or south of the border, we’re all in equal danger. According to Dr. Alan Garber of Harvard University in an accompanying editorial, the findings suggest a wealth shock is as dangerous as a new diagnosis of heart disease. He also noted that doctors need to recognize how money hardships may affect their patients.
Average Canadian net worth 2018: Don’t wait until you’re a wealth shock statistic
Please don’t wait until you’re a wealth shock statistic. If you’ve experienced wealth shock or are experiencing financial hardship, don’t jeopardize your health. Contact a professional today.
Ira Smith Trustee & Receiver Inc. is full-service insolvency and financial restructuring practise serving companies and individuals throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now.
We approach every file with the attitude that corporate or personal financial problems can be solved. That is as long as you take immediate action with the right plan. We’re just a phone call away and we can set you back on a path to financial health.
