More than half of newcomers to Canada cite financial stress as their primary well-being challenge

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New data from Securian Canada shows many newcomers lack adequate insurance coverage, leaving them financially vulnerable

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TORONTO — A new research report, Newcomers’ Realities: Securian Canada Insights, reveals that newcomers to Canada (“newcomers”) are feeling financially stressed and socially isolated. According to the survey, conducted in collaboration with the Angus Reid Group, more than half (54%) of newcomers in Canada cite financial stress as their main health/well-being challenge since coming to Canada. Another one-quarter (26%) experience social isolation.

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“Canada’s newcomer mosaic represents a diverse group, and most arrive highly educated and ready to contribute to the workforce,” said Nigel Branker, CEO of Securian Canada. “However, despite this foundation, many still face challenges with financial security and social connections when they arrive to Canada that can persist over time.”

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According to the data, nearly three-quarters (74%) of newcomers have a university education or higher, and three-quarters (75%) of newcomers are employed, mostly in full-time roles (56%). Meanwhile, only 13 per cent of newcomers to Canada are students.

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Enduring challenges

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Notably, financial stress and social isolation are not just short-term stressors associated with moving to a new country but can also be a chronic challenge newcomers grapple with while building their lives in Canada. In fact, financial stress levels are similar regardless of how long newcomers have been in the country: 53 per cent of newcomers in Canada for two years or less say that this is their biggest challenge and 54 per cent of those in Canada for three to five years also say this is their biggest challenge.

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Similarly, 27 per cent of newcomers in Canada for two years or less report experiencing social isolation and this drops only a negligible one per cent (26%) for those who have been in Canada for three to five years.

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Financial stress may be connected, in part, to confidence in performing regular financial activities, which varies across tasks: 82 per cent of newcomers feel confident navigating day-to-day personal banking, 70 per cent of respondents feel confident navigating international money transfers, yet only half (49%) of newcomers feel confident navigating insurance.

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Seeking financial guidance, navigating the insurance landscape

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As newcomers navigate new lives, systems and social norms in Canada, the presence of a supportive community is critical to building financial confidence and security.

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Despite more than half (53%) of newcomers sharing financial decision-making with someone else, more than one-quarter (29%) of newcomers say they do not know where to go for reliable information and one-third (33%) say it is difficult or expensive to get professional advice. Further, worrying about being misled is the most cited challenge newcomers face as they navigate the Canadian insurance landscape (42%).

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These challenges might help explain the insurance gap among newcomers. When asked if they have certain types of insurance, such as life, health and dental, critical illness or disability, one-in-five (20%) newcomers said they do not have any form of insurance coverage, and 60 per cent are underinsured. Notably, financial stress is highest among this group: 58 per cent of underinsured newcomers report financial stress, compared to 48 per cent among those who are insured.

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Hybrid support models are essential

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Newcomers rely on personal connections to guide early financial decisions. When asked for their top three sources for information on insurance, more than half (52%) of newcomers say they would speak to friends and family in Canada, 40 per cent say they would speak to a financial advisor, and nearly one-fifth (18%) say they would speak to friends and family in their home country.

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Digital tools also play a critical role in enabling access and ease of use. When asked about insurance purchasing preferences, 53 per cent of newcomers prefer to buy online (via a website or mobile app) and 66 per cent of newcomers prefer digital-first solutions to make insurance management (e.g., online claims) easier in the future.

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“Starting a new life in Canada comes with many exciting opportunities and challenges,” added Branker. “Our research underscores the need for hybrid models that blend professional support with accessible digital platforms, empowering newcomers to make confident, informed decisions about their financial futures.”

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Securian Canada is committed to supporting the financial futures of newcomers and their families through innovative, digital-first insurance solutions and coverage that fits diverse needs. Read the full report here.

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About Newcomers’ Realities: Securian Canada Insights

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These findings are based on a survey conducted by Securian Canada in partnership with Angus Reid Group from February 3, 2025, to March 10, 2025. The study surveyed a total of 1,589 newcomers who were randomly picked in the online survey that was conducted in English and French. For comparison purposes, a probability sample of this size would have a margin of error of +/-5 percentage points, 19 times out of 20.

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About Securian Canada

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We’re here for all Canadians and their families – however they define family – because everything we do helps build secure tomorrows. Our practical, life-ready insurance and protection solutions are designed to help provide financial security, so that Canadians can spend more time making every moment count.

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Securian Canada is a leading insurance provider with more than 65 years of experience innovating in the Canadian financial institution and association and affinity markets. We offer insurance solutions built with genuine care – providing specialized experiences to those we serve. Securian Canada operates as an independent subsidiary of Securian Financial Group, Inc.

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Contacts

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Securian Canada media contact

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Heather MacDonald

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Director, Marketing and Communications

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437-677-8010

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