You might not think seniors and millennials have much in common, but they do.
It’s anxiety.
Specifically, anxiety about money.
A recent survey of people over the age of 60 and a poll that took the pulse of millennials revealed a lot of fear in both groups over their futures.
The survey of seniors was conducted by the non-profit groups Financial Planning Standards Council and Credit Canada as part of Seniors Month.
It showed about 30 per cent of B.C. residents over 60 fear they will run out of money before they die while 35 per cent fear they will not be able to pay for long-term care. One-in-three is stressed about their current finances, while 11 per cent are worried they are going to have to sell their house and 12 per cent fear they will need to rely on their children for money.
The numbers also showed six in 10 B.C. seniors carry at least one form of debt with credit cards leading the way (34 per cent).
As for current sources of income: 15 per cent are working full or part time, 77 per cent are receiving government payments (e.g. CPP, OAS, GIS), 43 per cent have a company pension, while just 36 per cent have investments.
Seniors in Burnaby have reason to worry as they are twice as likely to be living in poverty compared to their counterparts elsewhere in B.C. More than 16 per cent of locals 65 and up are poor, measuring by the Low Income Measure — meaning they make less than 50 per cent of the area’s median household income. Burnaby has the third highest rate in the province.
As for millennials, they fear for their financial futures as well. Based on a recent Insights West poll, young people said they were unable to save for the future. A majority of those 18 to 29 years of age (52 per cent) said they are struggling financially and are not saving for the future, and 24 per cent are living paycheque to paycheque.
The biggest source of anxiety involved views on housing – no surprise - with the vast majority of 18- to 29-year-olds in B.C. (85 per cent) saying it is virtually impossible for young people to buy a house today, including 57 per cent who hold this opinion strongly.
A majority of young people (60 per cent) are seriously considering moving to areas where home ownership is less costly, which is a distressing figure to contemplate because the last thing Metro Vancouver needs is more young people leaving.
When political issues are discussed, it’s often thought young people and seniors have drastically different concerns. These numbers show the divide isn’t as big as people think.
