Market volatility in the past year has likely led to a growing concern about the value of investments.
A survey of British Columbians by Insights West has found that 67% (up 4 percentage points from last survey in 2017) said they are worried about the value of their investments, including 15% who say they are frequently worried.
Respondents are also more worried about their employer running into financial trouble (up 6pp to 31%) and about paying their mortgage or rent (up 3pp to 37%).
Generally, there was a more positive outlook for the economy and personal finances in 2019; 71% of British Columbians described their personal financial situation as “good” (60%) or “very good” (11%), a level which is slightly higher than the national average at 67%. This is the highest since Insights West began tracking in 2014.
“Despite gloominess on the horizon in terms of overall economic confidence, British Columbians are very optimistic about their personal financial situation,” says Steve Mossop, President of Insights West.
Optimism is higher among over 55s and those earning $75K or more.
BC residents more positive on the economy
British Columbians are more positive than most other Canadian provinces on the outlook for the Canadian economy in 2019.
Almost two-thirds (64%) of BC residents describe the economic conditions in Canada as “very good” (6%) or “good” (58%), which is the highest rating in all of Canada other than in Quebec. Only 31% rate the economy as “poor” (28%) or “very poor” (15%).
Respondents in BC felt that the cost of living will rise with groceries, cars, real estate, and TVs among the items expected to be more expensive in the year ahead.
Very few are likely to buy a new home (8%, -1%), buy a new vehicle (11%), undertake a major home renovation (15%, -2%), or go on a major overseas holiday (33%, +4%).
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