Latest Canadian Credit Union Association Poll Reveals New Insights into the Financial Wellness of New Canadians
TORONTO, June 4, 2024 /CNW/ - The Canadian Credit Union Association (CCUA) today unveiled the results from its latest study, which focused on the financial experiences of New Canadians — those who have resided in Canada for less than five years. This report, part of an ongoing series, reveals that New Canadians face distinct financial challenges compared to longer-term residents, regardless of citizenship status.
The survey of 1,639 Canadians, facilitated by the Angus Reid Group, highlights significant disparities in financial stability and planning. Key findings include:
- 63% of New Canadians have delayed or canceled major life decisions due to financial constraints, compared to 46% of longer-term residents.
- 40% of New Canadians have postponed or foregone personal health services in the past year due to financial concerns, versus 32% of other Canadians.
- A striking 95% of New Canadians frequently worry about their finances ("all the time," "sometimes," or "occasionally"), significantly higher than the 84% of Canadians who have been here longer than five years.
- 83% of New Canadians lack a dedicated financial advisor, compared to 64% of longer-term residents. Among those with advisors, New Canadians are less likely to feel understood or satisfied with the advice provided.
"These insights reveal the unique financial challenges faced by New Canadians, highlighting the critical role of tailored financial services that cater specifically to their needs," said Jeff Guthrie, President and CEO of CCUA.
The report also emphasizes the role of credit unions in providing personalized financial guidance and support, which is especially beneficial for New Canadians navigating an uncertain economic landscape.
"The findings from our latest poll underscore the importance of understanding and addressing the distinct needs of New Canadians. Credit unions, with their deep commitment to community and personalized service, are exceptionally positioned to meet these challenges," Guthrie said.
For more information and to access the full report, visit the CCUA website.
The Canadian Credit Union Association (CCUA) is the national trade association for Canada's credit unions, caisses populaires (outside Quebec), and regional Centrals. Representing 187 credit unions and caisses populaires with $308 billion in assets, CCUA provides advocacy, research, education, compliance and other support to its members. CCUA is dedicated to the success of credit unions and promoting their values of putting members first and supporting local communities.
SOURCE Canadian Credit Union Association Cooperative
Media Contact: Carla Wintersgill, Senior Manager, External Communications, Canadian Credit Union Association, [email protected]
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