Why Savings Insecurity is growing among immigrants in Canada?
A look into savings and insecurities
According to a survey report released by the Canadian officials, the financial crises in Canada are on a rampage. People are not to save as they expect. It has been estimated that 3 out of 10 immigrants to Canada are not having sufficient money to save. If they loose job due to any of the reasons, it will be quite tough for them to run their lives for even three months.
A non-profit corporation has also revealed the fact that even after the official announcement of the end of western recession; around 31% of immigrants to Canada have very less finances to support their own and family life. Some people possess the assets like house, but this is counted as an illiquid commodity that cannot be quickly of straightforwardly transformed into cash. If such commodities are eliminated from the financial report, the number of people without any enough saving would rises to approximately 44%.
There are many people who cannot even finance their huge medical bills after loosing their jobs. The lack of concrete savings, such people are not competent to acquire any kind of asset like vehicle or house and not even will be able to have a secure future for their children and their education.
This savings insecurity is mainly due to the financial crises prevailing in the western countries from quite some time. Although the condition has now been improved but the countries hit largely at that time are still struggling to gain the same financial boom again. People of Canada and even the immigrants to the country are on the verge of loosing their jobs and as a result of depreciation in dollar rates the working class is not able to earn enough.
Strict government policies over financial institutions, major bankruptcies and huge changes in market conditions are also held responsible for saving insecurities among Canada.
The interest rates have also been declined after the recession period that in turn is not allowing people to gain enough from their so called savings.
Although Canada is facing huge financial insecurities at present, the financial organizations of Canada are in much better position than European and American rivals. This is due to that fact that investment banks that are most troubled in America and Europe are not even present in the current Canadian business model. This would rather provide a sigh of financial relief to local Canadians as well as immigrants to the country