{"id":173526,"date":"2024-11-12T05:40:37","date_gmt":"2024-11-12T10:40:37","guid":{"rendered":"https:\/\/www.interac.ca\/?post_type=content&p=173526"},"modified":"2025-07-08T14:13:45","modified_gmt":"2025-07-08T18:13:45","slug":"for-newcomers-theres-no-one-size-fits-all-solution-to-financial-challenges","status":"publish","type":"content","link":"https:\/\/www.interac.ca\/en\/content\/life\/for-newcomers-theres-no-one-size-fits-all-solution-to-financial-challenges\/","title":{"rendered":"For newcomers, there\u2019s no one-size-fits-all solution to financial challenges"},"content":{"rendered":"\n

You know what they say: money doesn\u2019t grow on trees. The same could be said for the skills and confidence it takes to manage<\/em> that money, especially if you\u2019re planting your proverbial financial tree on unfamiliar ground.\u202f\u202f <\/p>\n\n\n\n

Moving to a new country can be a great adventure and a chance to embrace new opportunities, but it\u2019s also an inherently overwhelming experience that upends almost every area of your life, including how you feel about your finances. A certain degree of uncertainty is to be expected when adjusting to a new financial system, a new currency, and possibly even a new language.<\/p>\n\n\n\n

There\u2019s no one-size-fits-all solution when it comes to building that financial confidence. It\u2019s important to recognize that everyone brings their own unique set of circumstances and experiences to the table, and to embrace the need for individuality and flexibility in terms of solutions and support. <\/p>\n\n\n\n

Breaking barriers to financial confidence<\/h2>\n\n\n\n

According to a recent survey conducted by Interac<\/a>, those who have lived in Canada for less than two years exhibit a slightly lower level of financial confidence (82 per cent) compared to the overall average among adult Canadians polled (86 per cent).<\/p>\n\n\n\n

Of course, barriers to financial confidence exist for the general population\u2014the survey found that the most common of these challenges include a lack of budgeting or investment knowledge and coping with an unexpected life event. But notably, newcomers to Canada are more likely to say they have experienced at least one economic barrier that prevents them from feeling financially confident (85 per cent vs. 58 per cent of the general population). This makes sense, as different countries have different cultural norms around finances, and it reinforces why it\u2019s so important to meet newcomers where they are and find a \u201ccommon currency\u201d for boosting financial management.<\/p>\n\n\n\n

The barriers to financial confidence that exist for newcomers can seem especially daunting\u2014from facing employment challenges to learning to navigate an entirely new financial system and currency to facing employment challenges. (According to the survey, four in five newcomers to Canada still convert costs before making large purchases to assess value \u2013 even after 5+ years.)<\/p>\n\n\n\n

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A varied and versatile toolkit<\/h2>\n\n\n\n

A key first step in the journey to financial confidence is helping newcomers develop an understanding of the Canadian financial system and products and services. According to the survey findings, newcomers to Canada desire a comprehensive approach to improving their financial literacy and boosting their financial confidence, including access to a variety of tools, resources, and connections. <\/p>\n\n\n\n

To that end, more than four out of five respondents (82 per cent) said that they would benefit from forming connections through events like workshops or information sessions offered by Canadian financial institutions. Respondents also indicated that access to tools such as online courses about Canadian banking basics (81 per cent), or budgeting apps for Canadian expenses (77 per cent) would be valuable. <\/p>\n\n\n\n

\u201cNewcomers are calling for tailored support, with 54 per cent believing that financial resources should be designed by newcomers,\u201d said Lauren Mostowyk, Head, Integrated Marketing & Communications at Interac. \u201cThis is why we\u2019ve focused on providing comprehensive support systems through our collaborations with Credit Canada and ACCES Employment. These partnerships provide mentorship from experienced newcomers and free access to a tailored blend of resources, so we can help empower newcomers to build a strong financial foundation.<\/p>\n\n\n\n

There are a number of online resources that can contribute to a \u201cfinancial toolkit\u201d for newcomers, such as services provided by the Canadian government<\/a> (particularly around benefits, credits, and taxes for newcomers<\/a>).<\/p>\n\n\n\n

Credit Canada\u2019s Butterfly app<\/a>, sponsored by Interac, offers tailored digital solutions for newcomers. It\u2019s a multilingual resource that empowers newcomers to take control of their finances, offering practice tools and information, from budgeting basics to tips for protecting yourself against fraud and real-time currency conversion. <\/p>\n\n\n\n

Interac offers an extensive set of resources for newcomers<\/a> including:<\/p>\n\n\n\n