Addressing the Financial Wellness of New Canadians
The financial well-being of Canadians is a multifaceted issue, influenced by various factors, including tenure in the country. Continuing our series on Canadians’ financial health, the Canadian Credit Union Association (CCUA) has released new insights focusing on the financial experiences of New Canadians — those who have resided in Canada for less than five years. This latest report provides a comprehensive look at the unique financial challenges faced by this demographic compared to those who have lived in the country longer than five years, regardless of their citizenship status.
Access the previous reports in this series online:
- Elevating Financial Well-Being: The Credit Union Advantage
- Understanding Financial Wellness Across Generations
Insights on New Canadians’ Financial Health
Our recent survey, which included 1,639 Canadians, reveals significant disparities in the financial stability of New Canadians. Key findings from the report include:
- 63% of New Canadians have delayed or canceled major life decisions due to financial constraints, compared to 46% of longer-term residents.
- 40% of New Canadians have postponed or foregone personal health services in the past year due to financial concerns, versus 32% of other Canadians.
- A striking 95% of New Canadians frequently worry about their finances (“all the time,” “sometimes,” or “occasionally”), significantly higher than the 84% of longer-term residents.
- 83% of New Canadians lack a dedicated financial advisor, compared to 64% of longer-term residents. Among those with advisors, New Canadians are less likely to feel understood or satisfied with the advice provided.
These findings highlight the specific financial pressures faced by New Canadians and the broader implications for financial service providers.
Service Satisfaction and Customization: The Role of Credit Unions
The survey also examines how financial institutions can better serve New Canadians through personalized services. Credit unions, known for their member-centric approach, are well-positioned to meet these needs due to their focus on personalized banking solutions.
Tailored Financial Guidance: Credit unions excel in providing relevant and personalized financial guidance, which is crucial for New Canadians navigating a new economic environment.
Member-First Approach: Credit unions’ commitment to community and personalized service aligns well with the needs of New Canadians, offering them support and resources to achieve financial stability.
About the Survey
This research was conducted using members of the Angus Reid Forum to ensure a representative sample of the Canadian population. The findings highlight the importance of understanding and addressing the distinct financial needs of different demographics.
Conclusion: Enhancing Financial Services for New Canadians
The results from this survey underscore the necessity of personalized financial services that cater to the unique challenges of New Canadians. Credit unions, with their commitment to tailored services and community involvement, are particularly suited to addressing these needs.
CCUA continues to advocate for the credit union sector as a crucial player in enhancing Canadians’ financial well-being across all demographics. The insights from this report affirm the value of our approach, focusing on the needs of our members. The full report is accessible
The full report is accessible and available for download below.