Financial insights for families and seniors
By William Crooks
Local Journalism Initiative
A recent report, “Revenu Viable en Estrie 2024”, conducted by the Institut de recherche et d’informations socioéconomiques (IRIS), provides a comprehensive examination of the financial realities faced by residents of the Estrie region. The report, based on in-depth research and local data, highlights the income levels required for individuals and families to live above the poverty threshold. It examines how housing, transportation, and daycare services contribute to economic pressures, especially for seniors and young families. This article explores the findings from the first three chapters of the report, offering insights into the socio-economic landscape of Estrie and its challenges.
Understanding Estrie’s economic and social framework
Nestled in southwestern Quebec, Estrie is a region known for its semi-urban character, vibrant industries, and stunning natural landscapes. It is home to eight regional county municipalities (MRCs) and the major urban hub of Sherbrooke. Estrie’s economy is supported by diverse sectors, including manufacturing, agriculture, education, and healthcare, making it a vital part of Quebec’s economic fabric. Bromont, for instance, stands out as an economic powerhouse with a thriving tech industry, regional airport, and year-round recreational facilities.
However, alongside its strengths, Estrie faces socio-economic challenges. The region has a higher proportion of seniors—24.5 per cent of its population compared to the Quebec average of 20.8 per cent—and a growing number of families with young children. This demographic shift places unique demands on housing, healthcare, and public services, making financial sustainability a pressing concern for many residents.
Viable incomes and local disparities
IRIS defines a “viable income” as the amount necessary for individuals or families to meet their basic needs, participate in community life, and manage unforeseen expenses. The report highlights notable disparities in viable income levels across Estrie’s municipalities:
- Single individuals: Viable incomes range from $33,490 in Granby to $51,843 in Bromont.
- Single-parent families with one child in daycare: Viable incomes vary from $49,398 in Richmond to $63,651 in Bromont.
- Two-parent families with two children in daycare: Viable incomes span $71,044 in Lac-Mégantic to $93,951 in Bromont.
These figures illustrate the high cost of living in certain areas, particularly Bromont, where economic affluence and limited affordable housing drive up viable income requirements. Unfortunately, more than half of single individuals in the region fall below these income thresholds, reflecting a stark economic divide. Single-parent and two-parent families, while faring slightly better, still face significant challenges, particularly in areas with limited access to affordable daycare and transportation.
