More than half of the new arrivals have had or still have difficulty managing their finances since their arrival in Canada, according to a recent survey carried out on behalf of the TD bank. One example among others of the survey revealed Monday detailing that several members of this population have difficulty understanding Canadian finances.
According to the analysis of the TD bank, understanding the country’s financial system represents one of the main obstacles: 38 % of newcomers have indicated very little or not at all understanding the Canadian banking system, compared to 25 % for the general population.
“Among them, we have people who are perhaps former professionals, people who may have already had experience in a given area, but once happened here, what they already knew how to do is not necessarily applicable here,” explains Franck Kyungu, director of branch at TD bank.
“It is still a figure that opens your eyes,” he believes.
The online survey, carried out by the firm Edelman Data & Intelligence, was separated into two parts. The first questioned 1021 people who arrived in Canada in the last 10 years. The second surveyed 1507 “Canadians of the general population”. As these are online polls, the margin of error cannot be calculated. Based on the size of the samples, they are, respectively, more or less 3 % and more or less 2.5 %. The Angus Reid forum, which brings together several residents responding to surveys, was used to conduct it.
Stress and entrepreneurship
“Whether we are new or not, finances are a source of stress for many,” said the survey analysis in the light of the results. Questioned to know if the respondents feared to make financial errors, 76 % of new arrivals responded by the positive, against 68 % for members of the general population.
In addition, 56 % of new arrivals and 44 % of members of the general population who replied believe that they do not have enough money to live well in Canada.
The survey also reveals that half of the new arrivals surveyed would like to start a business in Canada. 62 % of the sample of newcomers, however, highlight “not to know the financial products that support business owners”.
As for the understanding of the Canadian economy, 41 % of newcomers said very little or not at all understanding it. Compared, 26 % of the general population sample responded in a similar way.
The TD bank ordered the survey of Edelman Data & Intelligence in order to listen [son] public, know what they are going through, ”explains Franck Kyungu.
