{"id":22527,"date":"2024-11-12T13:56:34","date_gmt":"2024-11-12T18:56:34","guid":{"rendered":"https:\/\/leger360.com\/?p=22527"},"modified":"2025-02-13T11:04:31","modified_gmt":"2025-02-13T16:04:31","slug":"cracking-the-newcomer-code-spring-2024-edition-for-public-and-financial-institutions","status":"publish","type":"post","link":"https:\/\/leger360.com\/en\/cracking-the-newcomer-code-spring-2024-edition-for-public-and-financial-institutions\/","title":{"rendered":"Cracking the Newcomer Code: Spring 2024 Edition for Public and Financial Institutions"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; theme_builder_area=&#8221;post_content&#8221; _builder_version=&#8221;4.27.3&#8243; _module_preset=&#8221;default&#8221;][et_pb_row _builder_version=&#8221;4.27.3&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column _builder_version=&#8221;4.27.3&#8243; _module_preset=&#8221;default&#8221; type=&#8221;4_4&#8243; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.3&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243; custom_padding=&#8221;0px||20px||false|false&#8221;]<\/p>\n<p><span data-contrast=\"auto\" xml:lang=\"EN-CA\" lang=\"EN-CA\" class=\"TextRun SCXW223971347 BCX0\"><span class=\"NormalTextRun SCXW223971347 BCX0\">Canada&#8217;s immigration policies play a key role in its social and economic fabric<\/span><span class=\"NormalTextRun SCXW223971347 BCX0\">,<\/span><span class=\"NormalTextRun SCXW223971347 BCX0\"> and that is why<\/span><span class=\"NormalTextRun SCXW223971347 BCX0\">,<\/span><span class=\"NormalTextRun SCXW223971347 BCX0\"> i<\/span><span class=\"NormalTextRun SCXW223971347 BCX0\">n spring 2024, we worked to bring public and financial institutions closer to Canadian newcomers. Our aim was not only to<\/span><span class=\"NormalTextRun SCXW223971347 BCX0\"> help them<\/span><span class=\"NormalTextRun SCXW223971347 BCX0\"> offer better products, services, and solutions, but also to ensure newcomers feel heard and understood. This blog shares insights from the first edition of our Cracking the Newcomer Code study, led by Lisa Covens, Senior Vice President, highlighting the experiences and challenges faced by new Canadians.<\/span><\/span><\/p>\n<p>[\/et_pb_text][et_pb_heading title=&#8221;The Newcomer Profile&#8221; _builder_version=&#8221;4.27.3&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;][\/et_pb_heading][et_pb_text _builder_version=&#8221;4.27.3&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243; custom_padding=&#8221;||10px||false|false&#8221;]<\/p>\n<p><span data-contrast=\"auto\" xml:lang=\"EN-CA\" lang=\"EN-CA\" class=\"TextRun SCXW69235726 BCX0\"><span class=\"NormalTextRun SCXW69235726 BCX0\">The profile of new Canadians <\/span><span class=\"NormalTextRun CommentStart CommentHighlightPipeRest CommentHighlightRest SCXW69235726 BCX0\">has changed a lot<\/span><span class=\"NormalTextRun CommentHighlightPipeRest SCXW69235726 BCX0\">, with people coming from many different countries. While newcomers bring unique experiences, they often face similar challenges as they settle in Canada. Our study shows that it takes an average of 19.6 months for newcomers to become financially self-sufficient, highlighting the hurdles they <\/span><span class=\"NormalTextRun SCXW69235726 BCX0\">encounter<\/span><span class=\"NormalTextRun SCXW69235726 BCX0\">.<\/span><\/span><\/p>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/leger360.com\/wp-content\/uploads\/2024\/11\/Newcomer-Settlement-Journey.png&#8221; _builder_version=&#8221;4.27.3&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; title_text=&#8221;Newcomer Settlement Journey&#8221; border_radii=&#8221;on|10px|10px|10px|10px&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243; custom_padding=&#8221;||10px||false|false&#8221;][\/et_pb_image][et_pb_heading title=&#8221;Key Findings from the Cracking the Newcomer Code Study&#8221; _builder_version=&#8221;4.27.3&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;][\/et_pb_heading][et_pb_text _builder_version=&#8221;4.27.3&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<\/p>\n<ul>\n<li><span data-contrast=\"auto\"><strong>Motivations for Immigration<\/strong>: One of the top reasons for moving to Canada is the pursuit of better opportunities for themselves and their families. However, this pursuit comes with significant challenges.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\"><strong>Integration and Identity<\/strong>: 74% of newcomers feel integrated into Canadian society, and 60% identify as Canadians. This sense of belonging is crucial for successful integration into the country\u2019s social and economic systems.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\"><strong>Financial Self-Sufficiency<\/strong>: While many immigrants eventually become financially stable, a significant portion (19.6%) face financial difficulties even years after their arrival. This highlights issues like trouble transferring foreign credentials and getting local work experience.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\"><strong>Support and resources<\/strong>: Only 52% of newcomers believe they received adequate support from the Canadian government during their settlement process, signaling room for improvement in government services.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\"><strong>Cost of Living<\/strong>: 84% of immigrants found Canada more expensive than they had anticipated, which adds another layer of difficulty to their settlement process.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\"><strong>Skills Mismatch<\/strong>: Many newcomers struggle to find jobs that match their skills. This shows the need for better recognition of foreign credentials and more support to help skilled workers join the Canadian economy.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\"><strong>Diversity as a Strength<\/strong>: Both Canadians and immigrants agree that diversity is one of Canada\u2019s biggest strengths. Despite some challenges, most newcomers feel they made the right choice\u201467% would choose to immigrate to Canada again.<\/span><span>\u00a0<br \/><\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/leger360.com\/wp-content\/uploads\/2024\/10\/3-highlights-en.png&#8221; _builder_version=&#8221;4.27.3&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; title_text=&#8221;3 highlights en&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;][\/et_pb_image][et_pb_heading title=&#8221;Solutions for Better Integration of Newcomers&#8221; _builder_version=&#8221;4.27.3&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;][\/et_pb_heading][et_pb_text _builder_version=&#8221;4.27.3&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p><span data-contrast=\"auto\">The Cracking the Newcomer Code spring 2024 results provide clear steps to improve the newcomer experience through strategies like custom research and targeted engagement. Tailored studies can give businesses and policymakers valuable insights into newcomers&#8217; needs, while focused campaigns can better address the challenges different newcomer groups face.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Canada&#8217;s future success depends on how well it integrates newcomers, and tackling these challenges ensures everyone benefits from immigration. <a href=\"leger360.com\/en\/contact-us\">Contact our experts<\/a> for the full report or custom research. <\/span><span data-contrast=\"auto\">Our market research offers practical insights to help businesses and policymakers manage newcomer integration.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p>[\/et_pb_text][et_pb_button button_text=&#8221;Download the Report: Spring 2024 Edition&#8221; _builder_version=&#8221;4.27.3&#8243; _module_preset=&#8221;default&#8221; theme_builder_area=&#8221;post_content&#8221; module_class=&#8221;hs-cta-trigger-button hs-cta-trigger-button-162325592908&#8243; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada&#8217;s immigration policies play a key role in its social and economic fabric, and that is why, in spring 2024, we worked to bring public and financial institutions closer to Canadian newcomers. Our aim was not only to help them offer better products, services, and solutions, but also to ensure newcomers feel heard and understood. This blog shares insights from the first edition of our Cracking the Newcomer Code study, led by Lisa Covens, Senior Vice President, highlighting the experiences and challenges faced by new Canadians.The profile of new Canadians has changed a lot, with people coming from many different countries. While newcomers bring unique experiences, they often face similar challenges as they settle in Canada. Our study shows that it takes an average of 19.6 months for newcomers to become financially self-sufficient, highlighting the hurdles they encounter. Motivations for Immigration: One of the top reasons for moving to Canada is the pursuit of better opportunities for themselves and their families. However, this pursuit comes with significant challenges.\u00a0 Integration and Identity: 74% of newcomers feel integrated into Canadian society, and 60% identify as Canadians. This sense of belonging is crucial for successful integration into the country\u2019s social and economic systems.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":22388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","inline_featured_image":false,"footnotes":""},"categories":[34],"tags":[],"post_language_cat":[],"class_list":["post-22527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-intelligence"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cracking the Newcomer Code Spring 2024 Edition<\/title>\n<meta name=\"description\" content=\"Explore key insights from our Spring 2024 Cracking the Newcomer Code 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