Millennials say they need $100K a year to feel happy — Kevin O'Leary says get a second job, but Canadians face a real barrier

"Everybody's unhappy," O'Leary told Fox Business, citing a survey from U.S. financial technology company Empower that found baby boomers require an average salary of US$124,000 (C$172,000 approx.) a year to feel happy — while millennials say they'll need a stunning US$525,000 (C$726,000 approx.) annually (1).

The Shark Tank and Dragon's Den judge pointed out that the average salary in the U.S. is roughly US$62,000 (C$86,000 approx.) a year — making the millennials' target income wildly out of reach for most.

"Wake up and smell the roses, everybody," he said. "Now get back to work and hold three jobs down and raise some kids and pay off your mortgage, and stop whining about it."

But O'Leary may be missing a few key issues that are giving Canadian millennials genuine grief. Here's why balancing their responsibilities while boosting their incomes isn't so simple north of the border.

Why it's hard to feel happy in the current economy

Canadian millennials (roughly aged 30 to 45 in 2026) are in a class all their own right now. They're in their prime working years, but also hitting the stage in life where, in previous generations, their boomer parents might have purchased their first homes, started families and mapped out their retirement savings.

But the economy this demographic are navigating looks nothing like the one their parents faced.

As a group, Canadian millennials have endured two significant financial crises during their working years, plus the inflation wave that followed the COVID-19 pandemic. Many carry student debt into a period of elevated prices and high cost of living — all of which has strained their ability to hit traditional milestones: buying a first home, starting a family, or saving enough for retirement.

While the income bar for 'happiness' may be hard to pin down precisely in Canada, the numbers tell a story of real financial strain. According to a September 2025 survey by MoneySense, conducted with Leger Marketing, the most commonly cited income threshold to feel financially 'comfortable' in Canada is a household income of C$100,000 (2).

Yet Statistics Canada data shows the average Canadian salary sits at approximately C$67,000 annually as of 2025 (3), meaning the gap between what Canadians earn and what they feel they need is very real — even without aspirations as high as O'Leary's US$525,000 benchmark.

Meanwhile, the Deloitte 2025 Gen Z and Millennial Survey found that 46% of millennials say they don't feel financially secure, up sharply from 32% the prior year. More than half report living paycheque to paycheque (4).

Housing is another source of acute pressure. In November 2025, the national average Canadian home price sat at C$682,219, according to the Canadian Real Estate Association (CREA) (5). Even with mortgage rates easing from pandemic-era highs, the income required to qualify for a home in Canada's major cities remains well above what most millennials earn. A 2024 report by the Canada Mortgage and Housing Corporation (CMHC) found that homebuyers aged 25 to 34 had a median household income of C$105,000 — suggesting that those who are buying are typically a dual-income couple, or receiving family financial help (6).

According to research by Generation Squeeze, a public policy group focused on generational economic fairness, home prices in Canada have outpaced wage growth for decades, leaving younger buyers at a structural disadvantage compared to their parents' generation.

Is working multiple jobs really the answer?

Some Canadian millennials are, in fact, doing exactly what O'Leary recommends — taking on multiple jobs to make ends meet.

Statistics Canada's Labour Force Survey shows that the number of Canadians holding multiple jobs rose to a 10-year high of 1,178,600 during 2025 (7). In August 2025, 5.4% of workers held more than one job — and one-third of them said the main reason was simply to pay for essential needs (8).

But for millennials who are also caregivers — whether to aging parents or young children — working multiple jobs isn't just a scheduling puzzle. For many, it's simply not possible.

Childcare access and cost remain a significant barrier. Statistics Canada's 2025 child care arrangements report found that nationally, full-time centre-based childcare for children aged 0 to 5 averaged C$435 per month for families accessing the federal Canada-Wide Early Learning and Child Care (CWELCC) program — down from C$663 per month in 2022, thanks to government fee subsidies (9).

The federal government has set a target of $10-a-day average childcare fees by this year, with eight provinces and territories already delivering at or near that benchmark (10).

However, families who cannot access a subsidized CWELCC spot — due to waitlists that can stretch for months in urban centres like Toronto, Vancouver and Calgary — may still pay C$1,200 to C$2,000 or more per month for unsubsidized infant care (11).

The broader financial picture of raising children in Canada is daunting. Statistics Canada estimates the average cost of raising one child from birth to age 17 at approximately C$293,000 for a middle-income, two-parent family — or roughly C$17,000 per child per year (12). That figure excludes post-secondary costs entirely.

A 2025 survey on parenthood found that 53% of Canadian parents say having children compromised their financial stability, and more than 7 in 10 millennial parents say they often feel overwhelmed by their family's financial responsibilities (13).