(CNW) -- Six-in-10 newcomers (60 per cent) who arrived in Canada in the past year say that they lack financial knowledge, including how to establish and build credit during their first year living in Canada, according to the RBC Newcomer Financial Attitudes Poll. Among those who have lived in Canada between two and five years, 92 percent of newer Canadians found their financial literacy about borrowing options improved. "We have an opportunity to improve financial understanding for newcomers to Canada when they first arrive and we have a role to play in making sure that they are getting the right advice from day one," said Paul Sy, director, Multicultural Markets, RBC. "Building a strong credit score is important to helping you get established in Canada, particularly when the time comes to buy a car or a family home." During the first year in their new home country, few newcomers believed that using a credit card would help them establish a credit rating (nine per cent) or make life more convenient (12 per cent). But over time, these newcomers pick up financial knowledge quickly, as they integrate into their communities and learn to use credit responsibly. For immigrants who have lived in Canada for two to five years, they were now more likely to agree that credit cards make life more convenient (59 per cent) and that it's easy to use a credit card to help establish a Canadian credit rating (54 per cent). "Economically and socially, it is in Canada's best interest for its consumers to be financially literate and practice good financial habits," said Sy.