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First-hand experiences shared by newcomers highlight the challenges of finding solid financial footing
TORONTO, July 27, 2022 /CNW/ – As Canada continues to recover from the impact of the pandemic, immigration will act as a key economic driver that can help address labor shortages and strengthen the social and economic fabric of our communities.
Scotiabank recently conducted a study to better understand the experiences of newcomers as they move into Canada. This includes in-depth interviews with newcomers and the financial advisors who serve them to learn more about the unique challenges they face as they begin life in Canada.
The survey reveals that newcomers most often feel worried, overwhelmed and confused about their finances and navigating the Canadian banking system.
High rental costs, obtaining the correct documentation and identification, registering for a cell phone and credit card, and finding a job were identified as common challenges shortly after arriving in Canada. The study revealed that a lack of knowledge about the financial system and cultural norms exposes newcomers to financial scams, leading them to Internet and phone scams.
The survey also revealed that newcomers take the long view when it comes to achieving financial success in the Canada.
“At Scotiabank, we want to help people who are new Canada find their financial footing right from the start because the long-term financial success of Canada it depends,” he said Terry-Lee Weeks, executive vice president for retail clients at Scotiabank. “We know that newcomers often choose to come Canada with the hope of experiencing a better quality of life with access to greater opportunities. However, upon arrival, they continue to face challenges that can have a long-term impact on their lives as well as the broader Canadian economy. We can help remove barriers by providing the right advice and expertise.”
The study established the main reasons for the coming of Canada include the search for a better quality of life and a better future, opportunities for career development Canada, and family reunification. of Scotiabank StartRight® The program provides targeted support to newcomers, from unlimited international fee-free money transfers and first-year fee-free accounts to qualified and inclusive expertise from hospitality advisors across the country.
Based on the top 5 challenges to start immediately CanadaScotiabank has the following general banking tips for newcomers who want to set themselves up for success beyond the basics:
- Build your financial literacy
The Canadian financial and banking system is very different from other countries. With a bunch of new acronyms and terminology to learn, newcomers can be confused by a seemingly complex system. Newcomers interviewed identified short and digestible explanations of Canadian banking conditions as a positive factor in helping them become financially literate in Canada. of Scotiabank StartRight® Web page has a selection of articles that can help new Canadians understand all aspects of Canadian banking. Scotiabank advisors are also always available to answer any questions or provide further explanations of banking terminology in different languages. - You know how credit products work and how to start building credit
A constant source of frustration for newcomers Canada experience is the obstacles caused by a lack of Canadian credit rating history. The approval process to get a credit card and start building a credit score can often be slow and cumbersome, with foreign workers often having to have a pay stub before being approved. of Scotiabank StartRight® program allows you to qualify for your first credit card with a limit of up to $15,000, without prior provision of credit history. This will help you start building your credit score as soon as you arrive Canada. - Access online banking
Newcomers interviewed highlighted the need for additional help on how to effectively use and navigate banking tools such as the website and mobile app, make electronic transfers and use online investment tools. Scotiabank has online tips to help new customers get into online banking quickly. - Check out the different credit card options that may be available to you
Lack of eligibility for premium credit cards was identified as another problem for newcomers Canada. Although they had the financial savings to cover their card costs, the required documents and immigration status meant they were often limited to entry-level credit cards with minimum credit limits that were insufficient for initial costs, especially for those arriving with family. Scotiabank offers a wide range of credit cards for newcomers and a Scotiabank advisor can help you decide which one is right for you. - Beware of scams
The newcomers in Canada are often looking for opportunities to generate income, but may be susceptible to instances of fraud. It is important to be aware of how to recognize, reject and report the most common types of fraud. Phishing scams see fraudsters posing as government agencies, banks, communications providers or other companies sending text messages to potential victims to lure them into providing personal or financial information that can be used to commit financial crimes. Mail and loan scams offer the promise of financial gain for an upfront fee, but once that fee is paid, no money is given.
At Scotiabank, giving back and supporting our communities has been a focus for more than 190 years. Through ScotiaRISE, the bank’s 10-year project 500 million dollars initiative to promote economic resilience among disadvantaged groups, Scotiabank provides support to organizations working to ensure that new Canadians can feel at home more quickly. Scotiabank partners with organizations such as Pathways to Education, the Afghan Women’s Organization, TalentLift Canada, Windmill Microlending and Jumpstart Refugee Talent, all of which work toward the common goal of helping newcomers navigate their new social and financial circumstances. ScotiaRISE has supported nearly 200 charities located 26 million dollars in community investment globally in its first year and continues to invest in community initiatives that matter.
Methodology
Insights come from both quantitative and qualitative research. An online survey was conducted with 403 newcomers to Canada for less than 5 years in December 2021 until early January 2022. In addition, individual interviews were conducted with newcomers at the end of January until the beginning February 2022as well as three focus groups with financial advisors dedicated to serving newcomers Canada users in Ontario and BC
About Scotiabank
Scotiabank is a leading bank in the Americas. Driven by our purpose: “for every future”, we help our clients, their families and their communities achieve success through a wide range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking and capital markets. With a team of more than 90,000 employees and assets of approximately $1.3 trillion (as of April 30, 2022), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and the New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.
SOURCE Scotiabank
For additional information: For media inquiries only: Elizabeth McFadden, Global Communications, [email protected], 437-564-0851; Alex Mitchell – Hill+Knowlton, [email protected]236-622-2530
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