Some newcomers are struggling financially across Canada, but a new report reveals that they’re finding it harder in B.C. than in other provinces.
The findings come as part of new research conducted by TD, which states that there may be barriers preventing newcomers from achieving their financial goals, which in turn would impact the overall economic success of the province.
TD’s findings attribute some of it to a gap in information about Canada’s financial system.
As we’ve seen in other reports of this nature, the cost of living in B.C. is another major contributing factor.
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TD’s research revealed some troubling challenges that newcomers are facing, including the fact that one-third of those polled by TD reported little to no understanding of Canada’s banking system and how to manage their money.
Newcomers aren’t alone in facing this reality; 25 per cent of the general Canadian population has reported the same. TD also revealed that 47 per cent of newcomers have little to no understanding about investing in Canada, compared to 35 per cent of the general population.
Regarding the cost of living, 61 per cent of B.C. newcomers are feeling more financially uncomfortable than newcomers in other provinces (56 per cent) and the general Canadian population (44 per cent).
“Building a life in a new country can be both exciting and overwhelming. Newcomers face the pressure of adapting to a new way of life in Canada, while quickly getting on the right foot financially – from understanding banking products and services, to budgeting for living costs and future goals, while maintaining financial ties to family living abroad,” said Janice Farrell Jones, SVP, Everyday Banking, Savings and Investing at TD, in a statement.
51 per cent of B.C. newcomers polled said it has been difficult to manage finances since arriving in Canada, and 34 per cent said they feel embarrassed or judged when looking for financial support or advice.
On a slightly more positive note, 52 per cent of polled B.C. newcomers said they’re interested in or have already started a business in Canada.
TD is hoping the research highlights the “critical need” for more financial education, tools and resources, helping newcomers feel confident to achieve their financial goals.
Are you a newcomer who resonates with these findings? Let us know in the comments. If you’d like to share a personal story with us, email vancouver@dailyhive.com