Times are tough, with rising inflation and interest-rate hikes making life more expensive for many BC residents over the last year, and many can’t make ends meet.
Unless you’re part of the 9%, the group of British Columbians that feel “excellent” about their finances. But most BC residents are struggling, some worse than others.
Nearly 50% of BC residents live paycheque to paycheque, while 35% say they find it challenging to feed themselves and their families.
- You might also like:
- Bank of Canada expected to hike interest rate to 4.5% by 2023: OECD
- Why millions of Canadians have ditched their homebuying plans indefinitely
- Inflation and interest rates prompt "quiet summer" for Metro Vancouver home sales
The data comes from the BDO affordability index with the help of Angus Reid, and according to BDO, “the results aren’t looking good for British Columbians.”
According to the report – the fifth annual affordability index from BDO — the “financial future of British Columbians looks bleak.”
According to the data, 78% of British Columbians state that inflation has caused their finances to worsen. Meanwhile, two-thirds of British Columbians would go so far as to say they’re not ready for retirement, either because they’re not on track to save enough money for it or they’re far behind on saving.
One tidbit that will ring true for most younger Vancouverites and British Columbians is that 72% of non-homeowners in BC don’t feel they’ll be able to own a home in the next three years because they can’t afford a mortgage.
The data suggests that 50% of British Columbians who have the travel bug have delayed or completely put off travel due to financial concerns.
One interesting stat comparing BC’s data to the national average is that British Columbians are the least likely in Canada to have debt, 58% in BC compared to 62% nationally.
The 2022 Affordability Index reveals 78% of Canadians’ #personalfinances have worsened due to #inflation. More than a third are having difficulty feeding their families (up 12% from 2021): https://t.co/vw7ypHRqxl. pic.twitter.com/xXE0zKbaVd
— BDO Debt Solutions (@BDODebtSolution) September 30, 2022
According to the national data, the rising cost of essential goods and services is the most significant factor for Canadians regarding increasing debt (84%).
While the numbers for BC are troubling, it seems to represent a common theme across the country.
Are you one of the BC residents having trouble making ends meet?
Follow Channels and Categories