A case study of financial literacy and wellbeing of immigrants in Lloydminster, Canada.

Year Published:

Abstract

The sources of financial literacy education accessible to immigrants to Canada and the link between immigrant’s financial literacy and financial decisions could impact their welfare and Canada’s population growth negatively. The purpose of this qualitative exploratory case study was to explore sources of immigrant’s financial literacy education immediately they arrive Canada and the link between their financial knowledge and financial decisions. The life cycle hypothesis, rational choice theory, and bounded rationality theory grounded the study. Data collection from the purposeful sample included semi-structured face-to-face interviews with 13 adult immigrants and a focus group discussion with 6 adult immigrants, all of whom lived, worked, or owned a business in the city of Lloydminster. Data was collected between December 12 and December 19 2016. Using Yin’s 5 step data analytic procedure, the 6 themes that described the pattern between immigrant’s wellbeing and their financial literacy levels are social institutions, economic institutions, pressure impacting financial decisions, credit facility impacting financial decisions, emotions impacting financial decisions, and discount deals impacting financial decisions. The results from this qualitative study might trigger positive social change if immigrants to Canada develop their financial literacy levels and stay committed to making sensible financial decisions.

Citation

Relevant Evidence Summaries

The evidence was reviewed and included in the following summaries: 

What works to improve people’s financial capability?

Limited but strong evidence supports financial capability interventions. Studies with low-income populations find that financial capability interventions lead to numerous positive outcomes such as increased income and savings, better job placement and retention, higher credit scores, and progress toward financial self-sufficiency.   Certain characteristics of financial capability interventions can enhance their effectiveness. Bundled or integrated…

About this study

AGE: Adults

DIRECTION OF EVIDENCE: No evidence about impact

FULL TEXT AVAILABILITY: Free

HOST COUNTRY: Canada

HOST COUNTRY INCOME: High

INTERVENTION DURATION: Not applicable

INTERVENTION: None Tested

OUTCOME AREA: Economic Empowerment

OUTCOME AREA: Financial Capabilities

REGION OF ORIGIN OF PARTICIPANT(S): North America

STRENGTH OF EVIDENCE: Suggestive

TYPE OF STUDY: Suggestive evidence

YEAR PUBLISHED: 2018

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