Mountains. The ocean. Warm-ish winters. Here in Vancouver, we like to think we are the envy of the rest of the country, and quite often this is for good reason.
But for more than half of us, enjoying the perks of living in this beautiful city has come at a huge price – a price that has actually damaged our overall wellbeing – according to the results of a Vancity poll released October 17.
Some residents are sacrificing a financially stable future in exchange for calling Vancouver home. The study found that 26% of those polled said they have cut back on saving for retirement – and that 22% have stopped saving for retirement altogether.
Many Vancouverites have given up on the idea of working in jobs they enjoy in exchange for basking in the area’s mix-of-sun-and-cloud. The study found that 23% of respondents work in jobs they don’t like in exchange for having the privilege of living here.
There are less obvious ways that the cost of living here has hurt our quality of life. Ten per cent of respondents say they have given up on the idea of enrolling their children in extra-curricular activities because it is simply too expensive. Another 12% have decided that gym memberships are too costly.
Living here has taken a toll on how far some of us will go in school, as 9% of respondents say they have cut their educations short to be able to afford the city’s cost of living.
And of course there is Vancouver’s much-publicized poor home affordability. A full 86% of those surveyed say they would like to own a home but can’t afford to do so. In addition, 18% say they have lived in places they deem too small for them or their families.
As well, 64% of those polled say they know someone who simply can’t afford a place to live and who has had to move in with family or friends.
Is it worth it? Yes, apparently. Perhaps surprisingly, 61% of those surveyed say it is “worth every penny.”
Without any retirement savings, however, many Vancouverites may have to say goodbye to the city they call home when they hit their golden years – or stay in jobs they dislike longer than they planned.
@EmmaHampelBIV
