goeasy Ltd. Announces Commitment to Bolstering Financial Literacy for New Canadians

Survey finds more than 80 percent of newcomers are not confident in their understanding of the Canadian financial system

MISSISSAUGA, Ontario, Nov. 02, 2023 (GLOBE NEWSWIRE) -- As Financial Literacy Month gets underway, a new survey conducted by goeasy Ltd. (TSX: GSY), one of Canada’s leading non-prime consumer lenders, has revealed a gap in the knowledge that new Canadians have of the financial system.

Each November, since 2012, the Financial Consumer Agency of Canada (FCAC) has leveraged Financial Literacy Month to encourage organizations to share resources that help Canadians understand their personal wealth and credit. This prompted goeasy Ltd. to conduct a survey of Canadians who came to the country within the last five years to learn about their current financial literacy levels.

This survey found that, less than one in five respondents (18%) agreed they had a good understanding of the Canadian financial system. Furthermore, since their arrival, nearly half of newcomers (49%) say their financial literacy has only slightly improved, pointing to a clear gap in the quality of financial education for newcomers in Canada. In terms of what newcomers want to learn, nearly half (49%) wish they better understood their credit score and how to build credit, while nearly one third (28%) want to know how to access loans.

This lack of understanding has emotional consequences for many new Canadians. Nearly one in five (16%) admitted they felt “anxious” and even “intimidated” about finances when first coming to Canada, which is likely compounded by newcomers’ inability to access credit and work towards the financial future they desire.

“Unfortunately, many new Canadians are ill-prepared to succeed in our financial system. They feel shut out of the financial sector, both from an education standpoint and in their limited access to everyday financial products that help build their credit,” said Andrea Fiederer, Executive Vice-President and Chief Marketing Officer, goeasy Ltd. “Solving this problem begins with financial literacy, and as one of the country’s leading non-prime lenders, we have an important role to play in helping them unlock their financial potential, build their credit, and ultimately graduate to lower-rate loans.”