Every society and culture has unique norms and behaviour when it comes to money. When an individual or family migrates to a different country, they bring those mental models with them. This can include, for example, different expectations around loan repayment or how money is pooled in an atomic family. All aspects of personal finance are affected - earning, borrowing, budgeting, saving, investing, etc.
Nowhere is this more pronounced than Canada - a country that is soon to be 50% immigrants in a few years. And yet, the financial products available to most Canadians are not geared towards these unique needs.
This becomes extra complicated with newer generations that are raised in Canada but also have cultural and familial obligations to fulfill.
I think by considering the unique needs of immigrant families and cultures, financial service providers will benefit everyone. Sometimes it’s just a knowledge asymmetry.
This is one of those areas where focusing on the minority improves the majority experience with a service.