New Canadians face unique financial challenges, often delaying major decisions and health services
The Canadian Credit Union Association (CCUA) has revealed the results from its latest study, focusing on the financial experiences of New Canadians, defined as those who have resided in Canada for less than five years.
This report, part of an ongoing series, underscores the distinct financial challenges faced by New Canadians compared to longer-term residents, regardless of their citizenship status.
The survey, conducted by the Angus Reid Group and involving 1,639 Canadians, highlights significant disparities in financial stability and planning between these groups. Key findings include:
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63 percent of New Canadians have delayed or canceled major life decisions due to financial constraints, compared to 46 percent of longer-term residents.
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40 percent of New Canadians have postponed or foregone personal health services in the past year due to financial concerns, versus 32 percent of other Canadians.
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A striking 95 percent of New Canadians frequently worry about their finances (“all the time,” “sometimes,” or “occasionally”), significantly higher than the 84 percent of Canadians who have been here longer than five years.
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83 percent of New Canadians lack a dedicated financial advisor, compared to 64 percent of longer-term residents. Among those with advisors, New Canadians are less likely to feel understood or satisfied with the advice provided.
“These insights reveal the unique financial challenges faced by New Canadians, highlighting the critical role of tailored financial services that cater specifically to their needs,” said Jeff Guthrie, president, and CEO of CCUA.
The report also emphasizes the role of credit unions in providing personalized financial guidance and support, which is especially beneficial for New Canadians navigating an uncertain economic landscape.
“The findings from our latest poll underscore the importance of understanding and addressing the distinct needs of New Canadians. Credit unions, with their deep commitment to community and personalized service, are exceptionally positioned to meet these challenges,” Guthrie said.
