Vancity’s “Good Money” Series: Millennials in Metro Vancouver
Vancity’s Good Money blog is new resource for people in Metro Vancouver to improve their financial well-being. As a fellow local co-op, we share Vancity’s values and mission in building better communities by alleviating the heavy expenses like transportation. We’re sharing their Good Money stories in this series — and you can visit their new blog for tips and tricks on how to make your money work for you in Metro Vancouver.
Good Money Series: Millennials not giving up on Metro Vancouver
With the affordability crunch hitting hard, many millennials say they are making trade-offs to afford life in Metro Vancouver. In a new Vancity poll conducted by the Mustel Group, 22% have given up car ownership as a way to save money.
Carsharing is an easy and pragmatic way anyone can save money in Metro Vancouver. Consider this: it costs the average driver $9,500 per year to own and operate and in the Lower Mainland. It also carries monthly costs, including:
- $200 to finance and/or purchase a vehicle
- +$100 for insurance
- $100 for gas
- $100 for basic maintenance
That’s $500 every month not including parking, bridge tolls and those unexpected costs that can happen from time to time.
To compare, Modo members pay about $600 per year augmenting their transportation needs as required with walking, cycling, public transit, one-way carsharing, taxis, etc.
Much like we want to help people get access to cars without the hassle of ownership, Vancity wants all residents of Metro Vancouver to improve their financial well-being — and we’re both local co-ops focused on building stronger communities.
Check out Vancity’s new blog for more local stories and tips on how you can make Good Money!