Language barriers, cultural differences, and limited access to financial resources may contribute to these challenges.
The survey highlighted several challenges newcomers face when navigating Canada’s financial system:
- Fear of making financial mistakes: more than half (58 percent) of newcomers feared making mistakes, with higher concern among females (64 percent) compared to males (53 percent).
- Understanding financial jargon: 46 percent reported difficulty understanding financial language, especially Gen X (50 percent) and Millennials (46 percent).
- Finding reliable information: 52 percent struggled to locate reliable or accurate information, with concerns more prevalent in Nova Scotia (67 percent) and Alberta (60 percent).
Newcomers rely on various sources for financial guidance:
- Friends and family: 61 percent relied on personal networks for advice, especially among Gen Z, Millennials, and Gen X.
- Online written resources: 53 percent used government and financial institution websites.
- Social media: About 29 percent, especially older demographics like Generation X, used social media groups to access information.
The survey also revealed areas where newcomers seek better understanding:
- Credit building: 48 percent wanted to know more about building credit.
- Taxes: 54 percent sought guidance on how to file taxes properly.
- Saving strategies: 51 percent wanted advice on growing their savings.
- Home purchasing: 42 percent were interested in learning about the process of buying a home and securing a mortgage.
These findings highlight the need for targeted financial education programs. Collaboration between government agencies, financial institutions, and community organizations can help newcomers navigate the country’s financial system, promote economic integration, and improve their financial well-being.
