Migrants relying on family, Facebook to navigate ‘stressful’ finances

It’s a daunting prospect leaving a home country and moving to another; doubly so when you don’t speak the language, with many newcomers relying on family, friends and the local community to help them navigate our financial system and work issues.

Siva Manmatharasa arrived in Australia from Sri Lanka almost two years ago.

“When we arrived, we had a lot of trouble understanding our working rights because we didn’t grow up here and didn’t speak the language. The language barrier affected our understanding of how finances work in this country,” he said.

Siva Manmatharasa found the financial system difficult to navigate when he arrived in Australia.Credit: Rhett Wyman

He and his wife reached out to family and the Sri Lankan community as their main support system and attended English classes three times a week.

“The community encouraged us to learn the language and gave great advice on finding jobs and suggested what kind of questions to ask the bank,” he says. “After doing that for a couple of years, we were able to obtain our working rights, and we could better understand how finances work here.”

Research commissioned by Ria Money Transfer found that 74 per cent of migrants who have lived in Australia for under a year say the cost-of-living crisis has been the biggest source of culture shock, rating above things like our notoriously difficult-to-understand Aussie slang.

There are numerous migrant or nationality-based Facebook groups for migrants to get help and ask questions.

Two-thirds of expats say cost-of-living concerns have impacted their ability to send money home – 14 per cent of Generation Z immigrants send more than half of their wages to family overseas, despite cost-of-living pressures.

Eventually, Manmatharasa found a job as a nursing assistant. However, he was involved in a car accident which meant he could not return to nursing work. Instead, he decided to go out on his own and purchase a local newsagency after finding out its owner had passed away.

Due to the owners sudden death, Manmatharasa found the business licenses were cancelled and licensing applications needed to be updated, which resulted in more money being spent.

“I was out of pocket in the tens of thousands. As you can imagine, juggling my finances and injury was incredibly stressful,” he says.

“Thankfully, my best friend, whose family runs a successful jewellery business, helped me. They’ve been extremely supportive and pointed me to some professional financial services for help.”

Migrant services

Dr Diaswati Mardiasmo migrated to Australia from Indonesia 20 years ago. Today, he volunteers on the board for Multicultural Australia, a service that provides financial services assistance to refugees and migrants.

When he bought his home in 2014, an Indonesian mortgage specialist helped him navigate the purchase.

“He explained the process and helped me fill out paperwork, I was thankful he spoke my language. I wish there were more services for migrants, who can help navigate getting a bank account, credit card and different financial products,” he says.

Mardiasmo said there are numerous migrant or nationality-based Facebook groups where migrants can get help, ask questions, and be referred to people who work in different industries.

“I know that if I wanted to purchase a house, I would be able to find an Indonesian real estate agent, accountant, banking or conveyancer; just by asking in my group. It does make the process less daunting, which really helps,” Dr Mardiasmo says.

SSI supports individuals, children, families and communities via a range of vital human services, from settlement support for newcomers and refugees. Rebranded as SSI when Settlement Services International (previously the NSW Migrant and Refugee Centre) merged with Access Community Services, its programs cover employment, education, health, wellbeing and social support for new and existing Australians.

Financial literacy programs look at how to track spending, know what you’re signing up for, avoid signing contracts for financial services or products unless you understand everything in the agreement, avoid scams and, if needed, request a translated copy in your language.

The government’s MoneySmart website also has tips for migrants in numerous languages, covering topics such as working in Australia, tax, superannuation and scam awareness.

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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