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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 semistructured 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.
About the author
Dr Oludamola Durodola is a College professor and an accomplished finance and investment scholar. He is most passionate about studies on financial education and economic welfare. He has extensive teaching and research experience spanning over 12 years.
