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Money Isn't Everything ... But It Helps

September 1 2004 - A recent study by American Express shows that affluent Canadians have a great lifestyle but don't define themselves by their income or believe that their wealth gives them a meaningful life.

Almost all (96%) the 1000 affluent Canadians (with an annual household income of $200,000 or more) in the survey said that the money allowed them to enjoy some of the finer things in life. But they also said that were more interested in collecting experiences and memories than possessions.

The survey also showed that these wealthy Canadians have the following characteristics:

* Almost two-fifths (39%) own two properties

* They take an average of three vacations a year, where they expect to pay about $2,000 per person. Just over a fifth (21%) take four or more vacations a year.

* Dine out seven times a month (on average) and think nothing of spending $100 on a meal.

* Take in a movie, sporting event or concert about once every two weeks

* One-quarter pay for their children to attend private schools

* Just over two-fifths (43%) have a home theatre system

* One-quarter are members of a private golf club or other type of private club

Degrees of affluence

75% of affluent Canadians surveyed consider that you're comfortable if you earn $150,000 a year but you cannot consider yourself to be wealthy unless you are pulling in more than half-a-million.

Moreover, most respondents would not retire if they won a million dollars in the lottery. And only half would definitely retire if they won two million. One in 10 would continue working even if they won $5 million.

Money and Success

Almost all respondents believed they had to work hard to get where they are today, but consider the rewards of financial security to be worth the sacrifices. They also felt that having a healthy income and bank balance allowed them to take care of their family and sleep easier at night.

Almost all respondents (98%) considered that they were generally happy, with only 5% saying they still had a lot of money worries. But only one in 10 truly believed that money was the measure of success.

American Express, first introduced the icon of affluence - the American Express Platinum Card - 20 years ago, but Rob McClean, Vice President of Marketing at American Express says, "Attitudes are very different today compared to when we first launched the Platinum Card. The Platinum crowd today is less driven by status and image than they were during the mid-80's. They're very self-aware and want the best in terms of quality and service. But they don't see themselves as being extravagant and few think of themselves as being rich."

"We know that these Canadians are a discerning and sophisticated group of consumers who like to enjoy life and aren't shy about spending money," adds Amex's McClean. "They're willing to pay for the best if they feel they are getting the best, but they understand the value of their dollar and refuse to spend their money if they don't see the quality and service behind an item."


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