Managing personal finances can be a complex journey. For immigrant communities such as the large group of Persian Canadians living on the North Shore, the challenge is often compounded by cultural differences, unfamiliar financial systems, and trust issues with institutions.
In this article, two experts within the community – Reza Zahedi, the accountant at Ayoub’s Dried Fruits and Nuts, and Mehran Aazamifard, the market development manager at Aria Savings – shed light on financial trends, challenges, and solutions tailored to the needs of Persian Canadians.
Cultural influences on financial decision making
According to Zahedi, an accountant with years of experience in both Iran and Canada, cultural values play a significant role in shaping financial decisions.
“In Persian culture, there is a strong emphasis on family and education,” he explained. “This often leads to prioritizing savings for children’s education, weddings, and supporting extended family members.”
While Canadian financial culture emphasizes personal financial independence and retirement planning, Persian Canadians tend to favour tangible assets such as real estate. “Property ownership is seen as a secure investment and a symbol of success,” Zahedi said. Younger Persian Canadians, however, are gradually embracing diversified investment strategies, including mutual funds and stocks, aligning with Canadian norms.
Zahedi has observed several financial patterns within the community. On top of prioritizing real estate investment, families also allocate significant resources toward securing quality education for their children, demonstrating a strong commitment to education funding. Many Persian Canadians also exhibit an entrepreneurial spirit, frequently starting businesses in sectors such as retail, trade, and professional services. The community tends to favor conservative investments, preferring low-risk, long-term financial strategies. Additionally, financial decisions often include sending aid to family members abroad and investing in community-driven projects, reflecting the community’s strong sense of support and solidarity.
Challenges faced in the Canadian financial system
Navigating the Canadian banking system can be overwhelming for Iranian immigrants. Language barriers, unfamiliarity with financial concepts like credit scores, and a lack of Canadian credit history present significant obstacles.
“Trust in financial institutions is another major hurdle,” noted Zahedi. “People coming from countries with unstable banking systems are naturally hesitant to rely on Canadian banks.”
Iran’s financial system has remained disconnected from the international banking network since the Islamic Revolution. People don’t have access to global financial networks.
“Immigrants struggle with building credit here because of the disconnect,” Aazamifard said. These restrictions impact the Iranian diaspora’s ability to transfer funds and establish financial credibility in Canada, making integration even more challenging.
Due to Iran’s limited access to global banking networks, transferring money through traditional banks is often not an option. Currency exchanges act as a bridge to manage cross-border transactions for the community. With the increasing population of the Persian community, these exchanges have grown in Canada, particularly on the North Shore, where many community members reside. An Iranian student could be a customer of these businesses, just as regime authorities – whom Canada has decided to deport – could also be customers. Recently the City of North Vancouver banned new currency exchanges from opening up at street level.
Aazamifard’s Aria Savings, which officially launched Jan. 21 with an event at North Vancouver’s Polygon Gallery, is aiming to provide another option. A division of Community Savings Credit Union, Aria bills itself as “Canada’s first and only Persian-focused and Farsi-speaking financial institution,” offering a space that breaks down financial barriers for those in the Persian community.
“Aria Savings provides more than just banking services,” said Aazamifard. “It’s about education – teaching people how to use credit, open accounts, and build their finances from day one.”
The financial institution is now available through ariasavings.com, with a new North Shore branch in the works for later this year, said Aazamifard.
The role of financial literacy in achieving goals
Zahedi highlighted the importance of community-driven initiatives to bridge financial gaps. “Providing multilingual services in Farsi can help bridge language gaps, while financial education workshops on budgeting, tax planning, and investment strategies can empower our community,” he said.
Both Zahedi and Aazamifard emphasized the transformative power of financial literacy. “Understanding budgeting, credit management, and investment options can empower individuals to take control of their financial future,” says Zahedi.
“35 years ago, when I came to Canada, I didn’t know how to open an account or build credit,” added Aazamifard. “Many immigrants still face these challenges today, and that’s where we step in to help case by case. Education is a significant part of what we aim to provide for the community.”
Hamid Jafari is a Vancouver-based freelance journalist who writes about the Iranian community in Canada, art, culture, and social media trends. He has done two placements with the North Shore News that were supported by New Canadian Media. [email protected]
