When it comes to financial goals, more new immigrants to Canada include saving for their children’s education than saving for their own retirement or even paying down a mortgage.

This is according to an RBC/Ipsos Reid survey that shows regardless of tenure or country of origin, new Canadians clearly have education on their minds.

While most new immigrants (70%) who have been in Canada 10 years or less are still focusing on having enough money to cover daily expenses, the RBC survey shows 46% identify saving for their children’s education as a financial goal for the next 12 months. This compares to 41% who cite saving for retirement and paying down the mortgage (40%).

“While covering day-to-day expenses is still top-of-mind for most, many new Canadians are already looking to the future and their children’s education,” stated Mark Whitmell, RBC’s director, cultural markets. “This doesn’t entirely surprise us as new Canadians are likely to have more education than the overall population. In fact, we learned more than two-thirds (68%) have at least some university education.”

“We initiated this study of immigrants who have been in Canada 10 years or less because one of our priorities is to ensure they are in the best position they can be to settle in Canada successfully,” explained. Whitmell. “Having a better appreciation of what matters most to newcomers gives us a better perspective on how we can help them achieve their goals faster and easier.”

The RBC/Ipsos Reid survey was conducted between March 15 and April 30. The poll was based on a randomly selected sample of 1,000 new immigrants who are 18 years of age or older and have been in Canada for 10 years or less. With this sample size, the overall results are considered +/-3.1 percentage points, 19 time out of 20, of what they would have been if all new immigrants had been surveyed. The survey was conducted by telephone and the interviews were held in Mandarin, Cantonese, Hindi, Punjabi, Korean, English and French. The findings were weighted to reflect the actual regional distribution and ethnic composition of new Canadians immigrating to Canada within the past 10 years.