Immigrants arrive with an average of $47,000par Andrew Rickard | April 17 2015 08:35AM
Research conducted by BMO Wealth Management shows that immigrants to Canada arrive with an average of $47,000 in savings to help them become established. However, 19% arrive in the country with no money at all.
The survey of 507 people who had immigrated to Canada during the last ten years also revealed that, after paying the initial expenses associated with getting settled, newcomers were left with an average of $20,000. Asked where they allocated these remaining funds (they could give more than one response), immigrants said they put it towards retirement (53%), their children's education (49%), a large purchase such as a house or car (44%), or a trip (36%). In addition, 66% of the respondents indicated that they sent an average of $2,300 back home to family or friends; 17% said they send payments every month, while 24% transfer money several times a year.
"It can be incredibly stressful, financially and otherwise, to pick up, move to another country and begin the process of creating a new life for yourself. It's great to see that new Canadians do have a bit of a nest egg remaining," comments Julie Barker-Merz, President of BMO InvestorLine. "What will be critical is ensuring they make their remaining money work for them by acquainting themselves with the basics of saving and investing in their new environment.