Survey Highlights Challenges For Expats To Canada

By Dex Tennyson, for ExpatBriefing.com 14 October, 2014

Forty-six percent of new immigrants to Canada said that they found it challenging to initially find adequate employment.

The findings are included in a report, Finding the Path to Financial Prosperity for Newcomers to Canada, commissioned by the BMO Wealth Institute, a bank. Other challenges identified by respondents include learning a new language (26 percent) and financial constraints (11 percent).

The authors also highlight particular issues for new Chinese-Canadians and new South Asian-Canadians, including having enough money to cover daily expenses (88 percent and 87 percent, respectively); saving for children's education (64 percent and 79 percent); saving for illness (60 percent and 79 percent); saving for retirement (61 percent and 67 percent); and saving for their parents' retirement (55 percent and 73 percent).

BMO's Senior Manager for Wealth Planning Strategy, Chris Buttigieg, said: "Starting a new life in Canada can be an exciting experience, but there are many unknowns and challenges to adapting to a new country. These include key financial considerations. With all of the obstacles that new Canadians face, it is all the more important to ensure they have their financial house in order."

Tags: Wealth | Finance | Retirement | Education | Canada | Education | Employment | Expats | Investment | Personal Finance | Welfare | Invest | Education | Investment |

 





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