Photo courtesy of © Can Stock Photo / freelancebob

CK Households’ Median Income Falling

Chatham-Kent households are earning less money now that they were ten years ago.

The latest census data from Statistics Canada shows that the median total income¹ from households in Chatham-Kent was $58,264 in 2015 — down 3.6% from $60,440 in 2005.

That’s well below the median income of Canadian households, which rose to $70,336 in 2015, up 10.8% from $63,457 in 2005.

Provincially, Ontario’s median income also went up, but not as significantly — it was at $74,287 in 2015, a rise of 3.8% over past ten years.

You can find more Chatham-Kent highlights from the latest census release below:

——–

Percentage of low-income persons goes up in CK

The number of low-income persons living in Chatham-Kent is on the rise.

According to Statistics Canada, the percentage of low-income persons in Chatham-Kent went up about 3% over the past decade from 14.1% in 2005 to 17% in 2015.

——–

Men continue to earn significantly more than women in Chatham-Kent

Men continue to earn more than women locally, following a trend that is seen in Ontario and across Canada.

In 2015, the total income for women in Chatham-Kent hit a median of just $26,054 before taxes while the median earnings for men in the same year was $36,562.

Nationally, men earned a median of $40,782 in 2015, while women took in $28,860.

In Ontario, men earned a median of $39,889 in 2015, while women took in $28,676.

——–

Falling behind in RRSP or TFSA contributions

When it comes to savings contributions, Chatham-Kent households also fall below the provincial and national figures.

In 2015, 58.4% of households in Chatham-Kent contributed to Registered Retirement Savings Plans (RRSPs), Registered Pension Plans (RPPs), or Tax-free Savings Accounts (TFSAs).

In Ontario, 67.2% of households contributed to an account, while 65.2% of households contributed nationally.


¹Median income is the amount that divides the income distribution into two equal groups, half having income above that amount, and half having income below that amount.