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We're socially responsible when it comes to our money in BC

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Summary

New data shows folks in British Columbia are more socially responsible than other parts of the country

VANCOUVER (NEWS 1130) – Compared to the rest of the country, British Columbians are often known as the most socially progressive and environmentally conscious folks. And now a new report says that also translates into how we invest our money.

A study from Vancity found that 58 per cent of people believe companies with good social and environmental policies and practices represent better long-term investments, and in some cases they’re right.

“What we’ve seen over time is that many of these funds are performing,” explains Vancity Vice-President Christine Bergeron. “It’s difficult to give exact comparisons because there’s so many different types of funds and approaches, but more and more data is coming out to show that socially responsible investments are also good investments.”

On the downside, the report also found that the majority of people surveyed also say that the biggest barrier preventing us from more socially responsible investing is not having enough money.

“Millenials and some of the younger groups are more interested in thinking about socially responsible investments,” points out Bergeron. “There’s not enough money sometimes when you’re younger, but sometimes when you’re older it more to do with education or you’ve already got your portfolio set up.”

The new report suggests British Columbia could emerge as a global leader in being socially responsible by contributing as much as $15 billion over the next three to five years.