Financial literacy leads to financial independence to newcomers New program teaches immigrants how to save, spend and invest

Back in Mumbai where she came from, Hazel D’Souza did most financial transactions in cash, so knew nothing about the hidden fees charged to her Canadian bank card. Soledad Gasilan, a native of Manila, experienced a similar financial fright after moving to Canada. Short of cash one time, she sought help from a Toronto payday loaner, thinking the service was a godsend. Little did Gasilan know she would end up paying 38 per cent interest for the quick money. Both new immigrants wish they could have enrolled sooner in a financial literacy program now offered at Toronto’s WoodGreen Community Service; the course helps newcomers manage their personal finances in this country and avoid the pitfalls associated with high-interest credit, service charges and other money matters.

Opinion:

I think it’s pretty smart that the WoodGreen is educating immigrants on how to be smart with their money, the the financial crisis hit because a lot of Canadian were spending and purchasing products that they couldn’t afford. And knowing that the Canadian population is made up with immigrants it would be beneficial for them to understand English and  be smart with their money; also to look out for frauds and being over charged on their credit crads

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