Lethbridge pilot project hopes to break down financial barriers for newcomers

LETHBRIDGE -

Trying to navigate finances can be difficult for newcomers to Lethbridge, but a new pilot project has been created to remove some of the barriers.

“For those coming from refugee camps, because they don't have a clue about money, which is hard for us to understand as well as the terms, there's a lot,” said Laura Branner, co-ordinator with the Lethbridge Local Immigration Partnership.

“If you don't know what an interest rate or a credit rating (is), it can be very difficult.”

Lethbridge Family Services, Tourism Lethbridge and Lethbridge Public Library have started a pilot project aimed at providing financial empowerment to newcomers and building community capacity around financial literacy.

The project will offer the opportunity for newcomers to learn financial literacy, to be better equipped when needing to use a bank or insurance company.

“For people to feel like they belong in a community, to feel like they can call it home, they have to have connections and, often, those connections are things that help people overcome barriers,” said Terra Plato, Lethbridge Public Library CEO.

“When you are a local and already have a built-in network of friends and family, you can go to them and ask for advice on financial matters. But people who don't have those local networks and connections really have to rely on institutions like banks and that sort of thing, where there is obviously an invested interest to sell you something.”

Those involved in the Shaping Inclusive Societies pilot project received specialized training, to address challenges related to inclusion, equality and connection among newcomers.

A two-day course on financial literacy will take place in January for newcomers.

“It's not only really about the financial literacy training that's going on and understanding financial systems, it's really about connecting to your community,” said Erin Crane, Tourism Lethbridge CEO.

“Creating the opportunity for newcomers to have that foundation of financial literacy and financial empowerment allows them then to participate in community.”

In October, 44 Afghan refugees arrived in Lethbridge.