Business in Vancouver

British Columbians less concerned about their finances than last year

Ten per cent less of province are worried and more are confident in BC’s economy

PUBLISHED : Thursday, 02 February, 2017, 12:43pm
UPDATED : Thursday, 02 February, 2017, 12:46pm

By Emma Crawford Hampel

Confidence in the British Columbia provincial economy has grown over the past year, according to the results of a survey by BC market research firm, and this has translated into residents feeling less concerned about their own finances.

The poll found 38 per cent of British Columbians have worried about their finances in the past couple months, down from 47 per cent last year.

Overall, 61 per cent said economic conditions in B.C. were “good” or “very good.” This is 15 percentage points higher than last year’s survey (46 per cent). One-in-five respondents (22 per cent) say they believe the province’s economy will decline over the next six months, down from two-in-five (41 per cent) last year.

Fewer B.C. residents say they worry about their investments “frequently or occasionally” (38 per cent, compared with 47 per cent last year).

Despite this optimism, the vast majority of those polled—81 per cent—said they expect the price of gasoline to increase this year, compared with 39 per cent last year.

“Last year, gas prices were not a big worry for British Columbians,” said Insights West’s vice-president of public affairs Mario Canseco. “The proportion of British Columbians who expect to pay more for fuel has doubled in a year.”

In addition, 83 per cent expect to pay more for groceries this year (93 per cent in 2016).

British Columbians less concerned about their finances than last year