Young British Columbians build community to save money: survey

While the high cost of living is making it tough for British Columbians of all ages to scrape by, a new survey finds 18- to 34-year-olds are getting crafty to make ends meet.

The Angus Reid Institute survey, conducted for insurance provider BCAA’s new GO membership, sampled a group of 504 B.C. residents and Angus Reid Forum members in this age range. It found over half of millennials and Gen Zs surveyed say they won’t sacrifice adventure in the face of steep prices.

Around 83 per cent agree every penny counts and 76 per cent say they’re constantly looking for new ways to make money go even further. This could include borrowing from each other, bartering skills or time in exchange for costly tasks, or even just choosing a night of board games over a night out.

Melanie Zikatano, associate manager of awards for BCAA, says the money-saving techniques that young British Columbians are turning to are also building a sense of community, adding it is heartening to see.

“A lot of them are committed to making the most of life in B.C.,” Zikatano said.

She says survey participants reported downloading apps to save on groceries, investing in a coffee maker to save money on coffee runs, making spreadsheets to keep track of their spending and even returning recyclables.

“The number one thing that really stuck out to me was the sense of community that has come out beyond all of this, where a lot of them are turning to their Buy Nothing groups to trade goods and services to keep more money in their wallet, and then helping each other in the neighbourhood which is really lovely to see,” she said.

For now, experts say runaway inflation or interest rates are not anticipated in the foreseeable future and Canadians can start to look forward to potential cuts in interest rates in the new year.

-With files from Hana Mae Nassar.