Are British Columbians better off financially than 10 years ago?

Credit: Nadia Bormotova/iStock

Poll asks Canadians about salary increases, spending and the future

A decade after the Great Recession, Mackenzie Financial Corp. has surveyed 1,500 residents across the country about their current financial situation compared to 10 years ago—and what they expect for the future.

The Toronto-based asset management firm found that:

• Nearly half of B.C. respondents (48 percent) have seen a salary increase of up to 50 percent, above the national average of 47 percent.
• Quebec (52 percent), Ontario (49 percent) and B.C. (48 percent) were more likely than other provinces to cite a salary increase of this scale.
• About a third of respondents (31 percent in B.C., 35 percent nationally) are seeking more financial advice than they did 10 years ago
• Most B.C. respondents are optimistic about their prospects 10 years from now, though slightly fewer than the Canadian average: 61 percent from B.C. predicted their lifestyle will be the same or better, compared to 63 percent overall

When it comes to spending, 87 percent of B.C. residents (89 percent of Canadians overall) said that new technology over the past 10 years has made it easier to spend more today than previously. Factors include online shopping (62 percent in B.C., 53 percent nationally); fast pay services (53 percent in B.C., 46 percent nationally); and access to instant discounts and e-commerce incentives (38 percent in B.C., 33 percent nationally).

The survey was completed between October 25 and November 5, 2017, using Montreal-based polling firm Leger’s online panel, Legerweb.com, which has about 400,000 members nationally and a retention rate of 90 percent. A probability sample of the same size would yield a margin of error of plus or minus 2.5 percent, 19 times out of 20.