Newcomers find managing finances in Canada more difficult
than expected: RBC poll
TORONTO, September 27, 2010 — Forty per cent
of newcomers to Canada say that managing finances is more
difficult than they expected, according to a recent RBC poll.
Additionally, close to half (47 per cent) are worried that
they will not have enough money to live comfortably.
While two-in-three (63 per cent) newcomers are excited to
see what the future holds in Canada, they indicate that higher
than expected day-to-day living expenses (41 per cent) and
items costing more than anticipated (26 per cent) are the
biggest financial obstacles to overcome.
"Setting up your day-to-day banking and establishing
a budget are important pieces in a complex puzzle that people
need to deal with when moving to a new country," said
Camon Mak, director, Multicultural Markets at RBC. "Sitting
down with a financial advisor who understands the anxiety
that can come with a move to a new country goes a long way
in helping newcomers focus on building their new lives."
The survey shows that newcomers use a variety of measures
to manage their finances, including living more modestly than
they did back home (30 per cent) and taking on extra jobs
(22 per cent) to help make ends meet. Some respondents noted
that they would go as far as postponing medical or dental
work until absolutely necessary (20 per cent) to control their
living expenses.
Mak offers the following advice to help newcomers make a
successful transition to Canada:
- Choose the right banking account to meet your needs
- Speak with a financial advisor who can help you choose
the right account based on your anticipated transaction
pattern and potential average monthly balance. You'll save
money on service fees if you choose the right account and
RBC offers the flexibility to choose an account that fits
your needs.
- Build your credit history - Your credit history
from another country is not readily accessible to Canadian
financial institutions when applying for credit in Canada.
RBC now offers a range of credit solutions to help skilled
workers new to Canada get started without prior credit history
being required.
- Track your spending and follow a budget - Take
advantage of RBC's online banking tools, such as myFinance
Tracker, to help manage your monthly spending so you
know exactly where your money is going. myFinanceTracker
will automatically categorize transactions, track expenses
and provide advanced budgeting capabilities for all personal
banking and credit card accounts.
RBC's Welcome
to Canada package helps newcomers who have been in Canada
for less than three years with key financial decisions and
includes advice and discounts on products and services. Details
on the RBC Welcome to Canada banking package, the "Understanding
Banking in Canada" guidebook, and branch locator that
identify representatives who speak a variety of languages
can be found at www.rbc.com/settlequick.
Information on moving to Canada, including financial advice
and solutions can be found at www.rbc.com/canada
and is accessible to consumers around the world.
The findings
were conducted by Environics Research Group on behalf
of RBC Royal Bank in August 2010. Environics conducted a total
of n=598 interviews among Chinese and South Asian immigrant
residents in British Columbia and Ontario who have lived in
Canada for 10 years or less. Interviews were conducted online
and respondents were recruited from an online consumer research
panel. Quotas were applied to represent the different regions
and tenure in Canada. Data was weighted according to population
data from 2006 Census to represent the population as closely
as possible.
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For more information:
Jill Quinn, RBC, 416-313-8121
Kate Yurincich, RBC, 416-974-1031
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