Vancouver’s Young Professionals and the Impacts of their Financial Challenges by Holly Adams, MCIP RPP B.Pl, UNBC, 2014 Thesis Submitted in Partial Fulfillment of the Requirements for the Degree of Master of Urban Studies in the Urban Studies Program Faculty of Arts and Social Sciences ©Holly Adams 2021 SIMON FRASER UNIVERSITY [Spring 2021] Copyright in this work rests with the author. Please ensure that any reproduction or re-use is done in accordance with the relevant national copyright legislation. Declaration of Committee Name: Holly Adams Degree: Master of Urban Studies Thesis title: Vancouver’s Young Professionals and the Impacts of their Financial Challenges Committee: Chair: Patrick J. Smith Professor, Urban Studies and Political Science Karen Ferguson Senior Supervisor Professor, Urban Studies and History Peter V. Hall Supervisor Professor and Associate Dean, FASS, Urban Studies and Geography Barbara Mitchell External Examiner Professor, Gerontology and Sociology Simon Fraser University ii Ethics Statement iii Abstract This research study explores the financial-related challenges impacting young professionals in the City of Vancouver. It approaches the topic from a life course perspective, considering how the financial-related challenges are interacting with life course milestones and adult role transitions. Qualitative interviewing is used to explore the experiences of eight young professionals living in Vancouver. Results from interviewing help to illuminate what financial and economic challenges come with being a young professional living in the City of Vancouver and what impacts the challenges are having in their lives. Keywords: millennial generation; young adult; young professional; financial and economic challenges; life course perspective; City of Vancouver iv Dedication This thesis is dedicated to my cousin Branden. You didn’t have the chance to cross the podium, but I can only imagine the places you would have gone. We miss you. v Acknowledgements I want to thank my professors and classmates for helping me to approach learning from a place of openness and curiosity. A special thanks to Karen Ferguson for your guidance and encouragement through the thesis process. A big thanks to my friends and family for your support and patience. Nick- I can’t count the number of meals made and pep talks. Thank-you; now let’s go exploring again! vi Table of Contents Declaration of Committee ............................................................................................. ii Ethics Statement ............................................................................................................ iii Abstract .......................................................................................................................... iv Dedication ....................................................................................................................... v Acknowledgements ........................................................................................................ vi Table of Contents .......................................................................................................... vii List of Tables .................................................................................................................. ix Chapter 1. Introduction .............................................................................................. 1 1.1. Context .................................................................................................................. 4 1.2. The Study Population ............................................................................................ 7 1.3. Summary and Thesis Overview ........................................................................... 10 Chapter 2. Literature Review ................................................................................... 11 2.1. Financial Challenges ........................................................................................... 12 2.1.1. Wages and Employment .............................................................................. 12 2.1.2. Debt ............................................................................................................. 16 2.1.3. Housing ....................................................................................................... 17 2.2. Financial Challenges and Life Course Transitions ............................................... 19 2.2.1. Life Course Transitions ................................................................................ 19 2.2.2. The Impact of Financial Challenges on Life Course Transitions ................... 24 Establishing a Career ............................................................................................. 24 Becoming a Financially Independent Adult ............................................................. 25 The Impacts of Housing Challenges ....................................................................... 27 2.3. Summary ............................................................................................................. 29 Chapter 3. Research Design and Methodology ...................................................... 31 3.1. Research Design ................................................................................................. 31 3.1.1. Choosing a Topic, Question and Method ..................................................... 31 3.1.2. Participant Recruitment and Selection ......................................................... 35 3.2. Conducting Interviews ......................................................................................... 36 3.3. Transcribing and Analysis .................................................................................... 37 3.4. Research Design Drawbacks............................................................................... 39 Chapter 4. Research Findings ................................................................................. 41 4.1. Profile of Participants ........................................................................................... 41 4.2. In-depth, One-on-One, Semi-structured Interview Findings ................................. 43 4.2.1. Employment and Wages .............................................................................. 43 Employment after Education .................................................................................. 43 Wages .................................................................................................................... 47 Summary ............................................................................................................... 48 4.2.2. Finances and Debt ...................................................................................... 49 Income, Debt and Savings ..................................................................................... 49 vii Student Debts ........................................................................................................ 51 Consumer Debt ...................................................................................................... 51 Financial Management ........................................................................................... 53 Perceptions of Debt ................................................................................................ 56 The Role of Parental Help ...................................................................................... 57 Summary ............................................................................................................... 60 4.2.3. Housing ....................................................................................................... 60 Renting in Vancouver ............................................................................................. 60 Home Ownership Expectations .............................................................................. 65 Housing Considerations for the Future and Summary ............................................ 70 Chapter 5. Themes and Discussion ........................................................................ 73 5.1. Key Themes ........................................................................................................ 73 5.1.1. An Elongated Transition to Adulthood .......................................................... 73 5.1.2. Managing Financial Challenges ................................................................... 74 5.1.3. Holding onto Convention ............................................................................. 77 5.1.4. Becoming a Responsible, Financially Independent Adult ............................. 78 5.1.5. An Uncertain Future..................................................................................... 80 5.2. Significance of Findings ....................................................................................... 84 5.2.1. “Making it” in Vancouver .............................................................................. 84 5.2.2. A Temporary Place to Live? ......................................................................... 85 5.2.3. Alternatives .................................................................................................. 88 Housing Options .................................................................................................... 88 Transportation .......................................................................................................