Many newcomers to Canada continued to struggle with financial stress and limited access to insurance. More than half (54%) of newcomers cited financial stress as a top concern since arriving in Canada, according to a study released by Securian Canada.
The study, Newcomers’ Realities: Securian Canada Insights, conducted in partnership with the Angus Reid Group, highlighted persistent challenges related to financial security, confidence in navigating insurance, and access to reliable advice.
Despite strong qualifications—74% of respondents held a university degree or higher, and 75% were employed, mostly in full-time roles—the report suggested that education and employment alone did not guarantee financial security.
Insurance was a key area of uncertainty, with just 49% of newcomers saying they felt confident navigating available options. One in five reported having no insurance coverage at all, while 60% were considered underinsured.
Financial vulnerability was especially pronounced among underinsured respondents. According to the data, 58% of that group experienced financial stress, compared with 48% of those with more comprehensive coverage.
The issue appeared to persist regardless of time spent in the country. Among those who had lived in Canada for less than two years, 53% reported financial stress as their main challenge. The figure remained nearly the same for those who had been in the country for three to five years.
“Canada’s newcomer mosaic represented a diverse group, and most arrived highly educated and ready to contribute to the workforce,” said Nigel Branker, CEO of Securian Canada. “However, despite this foundation, many still faced challenges with financial security and social connections that persisted over time.”
Access to advice was another reported barrier. One-third (33%) of newcomers said it had been difficult or expensive to obtain professional financial guidance, and 29% said they had not known where to find trustworthy information. Concerns about being misled were common, with 42% identifying this as a challenge when trying to navigate the insurance landscape.
Many newcomers relied on personal networks when making financial decisions. The report found that 52% sought advice from friends or family in Canada, 40% consulted financial advisors, and 18% turned to contacts in their home countries.
Digital tools played a growing role in how newcomers approached financial services. More than half (53%) preferred to purchase insurance online, while 66% favoured digital-first solutions for managing their coverage and submitting claims.
Securian Canada stated that the findings emphasized the need for hybrid support models that blended accessible digital platforms with professional guidance.
“Starting a new life in Canada came with many exciting opportunities and challenges,” Branker added. “Our research underscored the importance of meeting newcomers where they were and helping them build long-term financial security.”
