E94: Lauren Mostowyk & Interac want to reduce financial stress for newcomers

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Join us as we explore the bitter-sweet world of the immigrant.

In this episode, I'm speaking with Lauren Mostowyk, Head of Integrated Marketing and Communications at Interac, about the company's recent survey on newcomers' financial experiences in Canada.

Asides from rebuilding social capital, one of the hardest things to rebuild as a newcomer is financial confidence. You know, the idea that you are in control of your bills, you understand how the financial system works, and you are working towards your long term financial goals.

The startling thing for me here was that while 61% of newcomers feel financially confident when they arrive in Canada, that confidence is cut in half within one month.

And that's quite worrying. We get in folks who can contribute to the country's growth. And within 30 days, they start feeling like they're floundering, probably due to a combination of the typical grueling Canadian job hunt, the need to prove to a potential landlord that you can pay your rent, and the steady hum of everyday expenses.

As Lauren puts it, “We don't talk enough about how much of your happiness is driven by your financial confidence.”

In this conversation, Lauren and I talk about why Interac is best positioned to help newcomers in this regard. We also chat about:

* Why financial education underpins everything else

* Practical strategies for those preparing to move to Canada

* The biggest financial barriers for newcomers

* How Interac is helping reduce financial stress for newcomers

Official Links

✅ Connect with Lauren Mostowyk on LinkedIn

✅ Read about the Interac survey

✅ Check out the Credit Canada Butterfly App

✅ Find a job through ACCES Employment

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