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How B.C. has transformed the thrifty into millionaires and made millennials feel poor

June 19th, 2017 · 8 Comments

I got asked earlier this year by Nick Rockel, the editor of BCBusiness, to write a story based a cascade of financial data about Canadians that Environics Analytics had gathered. Since I’m obsessed with this general topic — how we spend money in ways that we don’t acknowledge, the impact that money and possessions (or lack thereof) have on our sense of well-being, behavioural economics — I jumped at it.

One of the factoids that I noticed almost immediately was that millennials in B.C., Vancouver especially, have more money socked away in investments than millennials in any other part of the country, by a significant margin.

It didn’t take much to figure out why. It’s because they haven’t been able to put it into real estate, since that feels out of reach for many of them — even those whose household incomes are very healthy six figures.

I put out a call on Twitter asking if anyone wanted to talk about this, not expecting much. My experience in journalism has been that people don’t like talking about their financial lives, either because they’re embarrassed at how they spend or they just think it’s a private matter.

But, boy, was this different. I got so many calls and emails from frustrated and enraged millennials on this issue that it was like standing in a windstorm. My story aside, any politician who remains deaf to this level of anger is in trouble.

Here’s the story I wrote as a result. Thanks again to all who shared their stories.

 

 

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