Despite how prepared people may think they are before taking the leap and moving to Canada in search of a new life and opportunities, a new survey shows some people’s financial confidence plummets over time.
Interac released its Financial Literacy Month report and found that about 61 per cent of newcomers to the country felt financially confident when they first arrived. However, that number falls to 31 per cent after newcomers settle in, Interac said in a statement.
The revealing survey went on further to point out that newcomers are disproportionately affected by financial barriers, “with over eight in 10 (85 per cent) reporting at least one such barrier impacts their financial security, compared to over half (58 per cent) of the general Canadian adult population polled.”
“This disparity underscores the importance of providing targeted support and resources to help newcomers build their financial confidence and successfully navigate the Canadian financial system,” Interac said.
Interac suggests that financial knowledge is limited because many newcomers’ home countries often don’t readily provide translated Canadian context.
“Newcomers are calling for tailored support, with 54 percent believing that financial resources should be designed by newcomers,” said Lauren Mostowyk, Head of Integrated Marketing & Communications at Interac.
This fall, Prime Minister Justin Trudeau and Minister of Immigration, Refugees and Citizenship Marc Miller announced that Canada will reduce its immigration targets by at least 20 per cent for next year.
We’re going to have fewer temporary foreign workers in Canada.
We’re bringing in stricter rules for companies to prove why they can’t hire Canadian workers first.
— Justin Trudeau (@JustinTrudeau) October 23, 2024
The new measures built on the government’s previously announced measures to cap international student permits and reform the temporary foreign worker program. All of these measures are being implemented with a single aim: to “stabilize our population growth, to give all levels of government time to catch up, time to make the necessary investments in health care, in housing, in social services to accommodate more people in the future,” shared Trudeau.
“We need others to step up and do their part, too. Far too many corporations have chosen to abuse our temporary measures employed in exploiting foreign workers while refusing to hire Canadians for a fair wage, all while under the watch of provinces, some colleges and universities are bringing in more international students than communities can accommodate.”
