Are You Financially Behind the Average Canadian Based on Your Age?

When it comes to personal finance, one of the most common questions people ask is: Am I financially behind compared to others my age? To answer that, let’s break down the most recent data from the Canadian government about the average net worth in Canada by age — but more importantly, let’s talk about whether this comparison really matters for you.

📈 The Average Net Worth in Canada by Age (2023)

According to the latest data, here’s the average net worth in Canada by age group for 2023:

• Under 35: $459,000
• 35 to 44: $753,000
• 45 to 54: $1.1 million
• 55 to 64: $1.3 million
• 65 and over: $1.2 million

Interestingly, the under-35 age group saw the highest year-over-year growth rate at 20% — largely driven by rising real estate prices.

But Canada is a huge country, and net worth varies significantly by province. For example, Ontario and British Columbia have the highest average net worth in Canada, while the Atlantic provinces and Quebec have the lowest.

Even more fascinating is the growth rate by age and province, with the strongest increases among younger age groups:

• Under 35: 64% growth
• 35 to 44: 56% growth

This highlights how crucial it is to focus on building wealth in your 20s, 30s, and 40s — these are the years when you have both high earning potential and the luxury of time to let your investments grow and compound.

🏡 The Wealth Gap: Why the Average Net Worth Can Be Misleading

While these numbers are interesting, they don’t tell the full story. The average net worth in Canada is heavily skewed by the ultra-wealthy.

According to Statistics Canada:

• The top 20% of Canadian households hold over two-thirds of the country’s net worth — averaging about $3.4 million per household.
• In contrast, the bottom 40% hold just 3% of total net worth — averaging $70,000 per household.

That’s why the median net worth — the middle value in the data set — is often a more accurate way to assess where you stand. It reduces the distortion caused by extreme wealth at the top.

Whether you’re behind, on track, or ahead compared to the median Canadian might seem important — but here’s the truth:

Comparing yourself to others’ net worth is not the right metric.

Why?

1. We all start from different financial situations:
   • Some people graduate with student debt; others have parents who paid for their education.
   • Comparing their net worths doesn’t make sense because their starting points were completely different.
2. We all have different financial goals:
   • Maybe your friend has a six-figure job, a condo, and lives in Canada.
   • Meanwhile, you run your own business, travel the world, and have no interest in owning property.

Both are valid paths — so why would you measure success the same way?

📅 The Only Comparison That Matters

Instead of comparing yourself to others, the only person you should be measuring your progress against is your past self.

The best way to do this? Create a financial plan.

A financial plan gives you a roadmap for your goals — whether it’s retiring by 40, buying a home, or building a travel fund. Over time, you can track whether you’re moving closer to or further away from those goals.

For example:

• If your goal is to retire by 50 with $1 million saved, you can check your progress every year to see if you’re on schedule.
• If you realize you’re falling behind, you can adjust your plan — saving more, investing smarter, or cutting back on expenses.

That’s how you figure out if you’re financially “behind” — not by comparing yourself to some national average.

🚀 Build Your Own Financial Plan

If you’re ready to stop comparing yourself to others and start building a life you love, the first step is creating a simple financial plan.

I’ve made it easy for you — grab my free Money Plan Template here.

Remember: Personal finance is exactly that — personal. Focus on your own goals, not what the average net worth in Canada is.

So, I’ll leave you with this question: What kind of life would truly make you happy? And what steps can you take today to move closer to that vision?

📞 Ready to Take Control of Your Finances?

Feeling overwhelmed or unsure about where you stand financially? Book a FREE Financial Audit with me, and we’ll dive deep into your current financial situation, identify gaps, and build a clear plan tailored to your goals.