Understanding the Lived Experiences and Financial Realities of Older Immigrants

Abstract

This article examines the financial literacy of older immigrants in Canada. Older immigrants experience multiple forms of financial exclusion rooted in the intersections between age, race, gender, immigration, and labour history. While the existing literature notes how immigrants are more likely to be unbanked because of structural barriers such as inaccessible services and language barriers, few studies have explored how older immigrants discuss their experiences and financial conditions. This paper explores the experiences of financial literacy among older immigrants in Calgary, Alberta through in-depth interviews and photographs taken by participants. We discuss the lived experiences and financial realities among older immigrants, how they perceive challenges to financial literacy as well as coping strategies. Themes focus on the ways in which histories of immigration and labour impact their financial security in later life. Photographs generated offer service providers and policy makers opportunities to think about and engage in interventions that better tackle issues of financial insecurity and inequality among older immigrants.

Authors: Ilyan Ferrer,Yeonjung Lee,Mohammad N. Khan Publication Date: 1/1/2020

Publication Type: Journal Article

URL:https://muse.jhu.edu/article/758790

Notes

Location: Calgary, Alberta

Key recommendations

Policy makers and service providers must demonstrate awareness of culturally diverse approaches to financial management in order to develop a better understanding of how older immigrants make their financial decisions and practices

Key findings

Immigration and migration programs deem some senior immigrants ineligible for state services and support.

The dependency clauses within the past and current iterations of the Parent and Grandparent Program, which require sponsors to be financially and socially responsible for their older parents and grandparents for a period of 20 years, is particularly challenging to older immigrants who were sponsored by their adult children. These dependency clauses hinder late life activities.

Participants’ experiences suggest that financial literacy is more than management of finances, but rather lifetime (in)access to funds both in the labour force and through retirement provisions, and multidirectional care responsibilities in the homeland and in Canada.

Gaps identified

Key populations

Senior immigrants

Community organizations

Calgary Catholic Immigration Society, Calgary United Way, Calgary Korean Scholarship Foundation, and Artem Financial Ltd.

Integration timeline

At what point during the integration process the study was conducted?

Open-access – No

Publisher: Canadian Ethnic Studies Association

Research Library

Understanding the Lived Experiences and Financial Realities of Older Immigrants

Abstract