Title

A Case-Study of Financial Literacy and Well-Being of Immigrants in Lloydminster, Canada

Document Type

Article

Publication Date

2017

Originally Published In

International Journal of Business and Management

Volume Number

12

Issue Number

8

Page Numbers

37-49

Abstract

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 8 and December 20 2016. Using Yin’s 5 step data analytic procedure, the 6 themes that described the pattern between immigrant’s well being and their financial literacy levels are social institutions, economic institutions, pressure impacting financial decisions, credit facility impacting financial decisions, emotions impacting financial decisions, and discount deals impacting financial decisions. The results from this qualitative study might trigger positive social change if immigrants to Canada develop their financial literacy levels and stay committed to making sensible financial decisions.

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