BC's cost of living has millennials in extreme financial stress: study

It’s no secret that young people across the province are experiencing extreme levels of financial anxiety given today’s economic climate, but we didn’t think it has come to the level of preferring blood work over talking money.

A study conducted by Coast Capital showed that 90% of BC millennials report having financial worries and that they’d rather get blood work done than talk about their finances.

“Many of us in Canada – across different income levels – are struggling to keep up with inflation, rising costs of living, and record debt levels,” says Aimee Chow, director of retail and investments at Coast Capital. 

The study suggests that avoiding talking about money is linked to financial shame, which was shown to affect nearly half (42%) of BC millennials.

According to the Coast Capital study, this “could be the reason why some are suffering in silence.”

Kikinunchi/Shutterstock

There are significant generational and regional differences that factor into how people in Canada are experiencing financial shame.

The study suggests BC millennials are experiencing greater and heightened levels of anxiety and shame when compared to other generations.

Around 70% of millennials in BC who reported this to be accurate say financial shame is impacting is the key reason they avoid talking about money.

“Among millennials, 64% feel that earning less than others affects their self-worth, while 70% say that their relationships with friends and peers are impacted by their finances.”

Additionally, 30% feel inadequate when they see the disposable income of others, and 38% try to appear better off financially than they actually are.

However, millennials aren’t the only generation suffering in silence.

Over half of Canadians (56%) say financial shame is impacting relationships with
friends and family.

“No matter age, gender, or location, the survey found that money is impacting the mental and emotional well-being of people in Canada, leading to some drastic shifts in behaviour, along with impacts on our relationship with money and those around us.”

Shame is holding people in Canada back from having conversations that could break the
cycle, and not talking about it has made many people feel isolated.

“We believe that we’re alone in the struggle, and the desire to keep up with others is
keeping us isolated. The majority of Canadians are comparing themselves financially to
friends and peers and not liking how they stack up, a perception that is impacting their
relationships.”

​​

You might also like:
• Vancouver named one of the most liveable global cities for millennials and Gen Z
• Inflation left Canadian millennials "with a pit" in their stomachs
• Millennial's tearful honesty about cost of living crisis in Canada goes viral

To break the cycle of financial shame, it’s important to start having open and honest conversations about finances. This could be a step towards breaking down the barriers that keep us isolated and begin to build a healthier relationship with money.

Would you rather get blood work done than talk about your finances?

Let us know in the comments.