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New Canadians know more about establishing credit

A recent national survey by Angus Reid that was sponsored by Credit Canada and Capital One Canada looked at a number of issues facing new Canadians regarding access to credit, financial literacy knowledge, and other problems facing new Canadians who come to Canada.

The poll also identified a number of interesting differences between newcomers who’ve been in the country for only one to five years, those who’ve been in the country from six to 10 years and the general population.

Compared to newcomers, Canada’s general population is more likely to describe the Canadian financial system as confusing (44 per cent to 26 per cent). By contrast, newcomers to Canada find Canada’s financial system significantly more stable (53 per cent to 44 per cent) and accessible (38 per cent to 28 per cent).

While the vast majority of new Canadians have credit cards (85 per cent) and debit cards (83 per cent), only 37 per cent have a line of credit compared to 49 per cent of the general population.

While family is the top choice for both groups to turn to for financial advice (45 per cent for new Canadians and 40 per cent for the general population), newcomers are significantly more likely to pick friends (37 per cent to 24 per cent), the internet (27 per cent to 17 per cent), government (12 per cent to 2 per cent) and banks (41 per cent to 28 per cent). Growing up, new Canadians are twice as likely to have been taught about saving money (26 per cent to 13 per cent).

Posted: Dec 4, 2010

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