It seems that moving to Canada has not been smooth sailing for many expats, a new report has shown. Citing that forty six percent of Canada's new immigrants have stated that finding initial employment was one of the main difficulties they faced after relocating to the Great White North, the report reveals that financial obstacles have created many challenges greater than overcoming cultural, geographical and climate differences for immigrants.
The report, which was commissioned by the BMO Wealth Institute, a Canadian bank, is called Finding the Path to Financial Prosperity for Newcomers to Canada and aims to find out how Canada's many immigrants are adjusting to live in Canada, but also to help discover the main problems being tackled by these people. Canada currently leads the G8 in its proportion of residents born outside the country, so the findings represent a large proportion of the population.
Covering the Daily Cost of Living
Alongside employment difficulties, it was also highlighted in the report that Chinese and South Asian Canadians in particular had specific issues with finances after coming to Canada. Almost 80% of this demographic named their main difficulties to be struggling to have enough money to cover the daily cost of living, and not being able to save for particular expenses that may need to be covered by certain individuals, such as childrens' education costs, money for retirement or for their parents' retirement, and the cost an illness may incur.
The report also discovered that while many struggle with securing a job when moving to Canada and find this to be a main difficulty, they also do face other issues of adaption, dealing with barriers such as a language difference and feeling alone in comparison to the support they gained from their loved ones back at home.
Call for Immigrants to Budget Accordingly
With all of these considerations in mind, the aim of the report was to illustrate just how important it is for immigrants to make good financial decisions and budget for financial problems that may occur after moving to Canada. Immigrants should do some forward financial planning and think towards how having their finances in order could greatly improve some of the challenges they may face after arriving in Canada.
The BMO Wealth Institute wants to provide support and be on hand for immigrants, offering them advice in order to help them build good credit, budget their money, and improve their financial situation to give them an easier time in Canada.