Saving practices of new Canadians from Vietnam and Laos

Abstract

This study is the first to focus on saving patterns of a growing group of newcomers to Canada - people of Asian origin who arrived as refugees. Data are from personal interviews with 649 Boat People (Chinese Vietnamese, ethnic Vietnamese, and Laotians) who settled in Canada between 1979-81. Saving money was reported by 80 percent, with the usual pattern being to save money left after paying expenses. Main reasons for saving are emergencies and education of children. Nontraditional methods (bank accounts and Registered Retirement Savings Plans) indicate that the newcomers have access to and are using formal financial services. Several variables (i.e., age and marital status) that are usually associated with savings were not significant; but, as in other studies, higher education, satisfaction with income, and employment were associated with having savings. Ethnic differences suggest differing rates of acculturation for this group. Copyright 1999 by The American Council on Consumer Interests.