Immigration.ca - Canada Immigration News - November 2010
A new poll shows that 40 percent of immigrants face more financial difficulties in Canada than they expect upon arrival and almost half of immigrants worry about not having enough money.
The poll, conducted by Environics for the Royal Bank of Canada, shows that female immigrants are the most likely to feel the weight of financial problems, particularly when it comes to building and keeping good credit. Analysts say that this might be due to cultural differences in gender roles, and the lack of experience many women have in managing family finances in their home country.
�We could be doing a better job of reaching out to help people understand the basics of Canadian banking and finance so that they can access the information and financial tools they need to succeed, �says Laurie Campbell, president of Credit Canada.
Tina Tehranchian, who herself immigrated to Canada from Iran in the 1990s and now works as a financial planner with Assante Capital Management Ltd, says that immigrants often get caught up worrying about the new financial system, and forget to also think about retirement.
�[The new financial system] is a tough hill to climb for immigrants, and it�s even more necessary for them to do proper financial planning and pay attention to their retirement,� says Tehranchian.
Camon Mak, the Royal Bank�s director of multicultural markets, urges immigrants to get informed, even before they arrive in Canada. Mak says that many Canadian consulates abroad provide information and resources to immigrants planning their relocation, besides the numerous programs offered by the government after arrival. Mak also advises newcomers to investigate the various services offered by Canada�s different financial institutions to find the best fit for them, and to track spending and follow a budget.
Source: Globe and Mail
