Since the early 1970s, multiculturalism policies have steered Canada towards becoming a mosaic of cultures. In 2016, almost half (48.1%) of the foreign-born population were born in Asia (including the Middle East), while a lower proportion (27.7%) were born in Europe. Further, Asian countries accounted for seven of the top 10 countries of birth of recent immigrants in 2016: the Philippines, India, China, Iran, Pakistan, Syria and South Korea. Financial institutions are eager to learn more about the banking and insurance choices and attitudes of these groups.

There is also significant interest in “New Canadians” or those who have lived in Canada for less than five years. Banks and insurance companies are eager to be the first choice of this segment in the hope this group stay loyal and become lifelong customers.

This Report delves into choice of main FIs, reasons behind the choice, attitudes towards banking and insurance and ownership of insurance products. The Report also has segments on new Canadians (those who have lived in Canada for less than five years) in each of the consumer sections.

• Prairie Provinces: Alberta, Saskatchewan and Manitoba.

• Atlantic Provinces: New Brunswick, Newfoundland/Labrador, Nova Scotia and Prince Edward Island.

• Throughout the Report, income data refers to annual household income.

• There is a slight over-sampling of South Asian and Chinese Canadians for this Report.

• South Asian Canadians include Canadians from India, Pakistan, Bangladesh, Sri Lanka, etc, while Chinese and Filipino Canadians are Canadians of Chinese origin and Philippines, respectively.

• The sample size for Filipino Canadians is low so they are not represented graphically but have been discussed when the sample size >50.

New Canadians refers to those who have lived in Canada for less than five years.