Starting a new life in Canada brings high hopes, but for many newcomers, financial confidence takes a hit soon after arrival. A recent survey by Interac Corp. has shed light on the challenges newcomers face, showing that while 61% of new Canadians feel confident in their finances upon arrival, that number drops to 31% after they encounter Canada’s unique financial landscape.
Lauren Mostowyk
“Newcomers are calling for tailored support,” said Lauren Mostowyk, Head of Integrated Marketing & Communications at Interac. “Fifty-four percent believe financial resources should be designed by newcomers. That’s why we’re focused on providing comprehensive support systems through partnerships with Credit Canada and ACCES Employment. These collaborations offer mentorship from experienced newcomers and free resources to help build a strong financial foundation in Canada.”
Financial Barriers and the Need for Practical Tools
The survey highlighted that over 85% of newcomers experience financial barriers impacting their stability, compared to 58% of the general Canadian population. Many newcomers discover that financial practices from their home countries don’t easily apply in Canada, adding to the difficulties of settling into the Canadian economy.
Interac has responded by sponsoring Credit Canada’s multilingual Butterfly app, which provides newcomers with free tools for budgeting, understanding cost-of-living expenses, and even converting currency in real time. The app, created by newcomers for newcomers, offers a valuable resource to bridge the knowledge gap.
“Practical tools are crucial,” said Mostowyk, emphasizing that 81% of respondents wanted resources like online courses about Canadian banking, while 77% sought budgeting apps designed for local expenses. “By empowering newcomers with resources that resonate with their experience, we aim to help them navigate Canada’s financial system with confidence.”
Mentorship: An Invaluable Asset for Navigating Canadian Finances
Mentorship emerged as a particularly valuable resource, with 51% of newcomers reporting they have benefited from a mentor, compared to 31% of the general Canadian population. For newcomers, these mentors often help with language barriers (89%), understanding Canadian currency (86%), and avoiding financial scams (83%). ACCES Employment, a long-time partner of Interac, has provided mentorship programs designed to help newcomers overcome these challenges.
Allison Pond
Allison Pond, President & CEO of ACCES Employment, emphasized, “Our partnership with Interac has allowed us to expand our reach and provide newcomer job seekers with vital resources to navigate the job market and regain financial confidence. We connect newcomers with experienced mentors, helping them build strong professional networks and work towards lasting career success in Canada.”
For more information on resources and tools for newcomers, visit Interac’s In The Know.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.
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