Posthaste: Newcomers cite financial stress as their biggest challenge since moving to Canada
The study, which surveyed 1,589 newcomers, said financial stress is persistent regardless of how long they have been in Canada, with 53 per cent of those who have been here for two years or less indicating it is their main challenge and 54 per cent of those who have been here for three to five years saying the same.
That's despite 75 per cent of newcomers being employed, with 56 per cent of them in full-time roles. Nearly three-quarters have a university education or higher and only 13 per cent are students.
'Canada's newcomer mosaic represents a diverse group, and most arrive highly educated and ready to contribute to the workforce,' Nigel Branker, chief executive of Securian Canada, said in a press release. 'However, despite this foundation, many still face challenges with financial security and social connections when they arrive in Canada that can persist over time.'
Financial stress was highest among underinsured newcomers at 58 per cent compared to 48 per cent for those who were insured. Overall, 60 per cent of newcomers surveyed were underinsured and 20 per cent did not have any coverage.
Insurance was also the financial activity that newcomers struggled with the most, with only 49 per cent feeling confident navigating it, and 42 per cent worrying about being misled. Their other top concerns were not knowing where to go for reliable information and finding it difficult or costly to get professional advice.
But 82 per cent felt much more confident navigating day-to-day personal banking and 70 per cent felt the same way about international money transfers.
More than half said they shared financial decision-making with someone else, and their top three sources for information on insurance were family and friends in Canada, a financial adviser and family and friends in their home country.
Nearly two-thirds also said they prefer digital-first solutions for insurance management and 53 per cent said they would prefer to buy coverage online.
'Starting a new life in Canada comes with many exciting opportunities and challenges,' Branker said. '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.'
to get Posthaste delivered straight to your inbox.Young Canadians are facing a labour market that has deteriorated faster than in any other major advanced economy. Over the past two years, unemployment among 15 to 24 year-olds in Canada jumped 3.6 percentage points, the sharpest increase among the 25 largest economies in the Organization for Economic Co-operation and Development — including the U.S., U.K. and Australia. — Bloomberg
Today's Data: Canada monthly real GDP for April, U.S. personal income and consumption for May and University of Michigan consumer sentiment index for June
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Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we'll find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course).
Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily.
Visit the Financial Post's YouTube channel for interviews with Canada's leading experts in business, economics, housing, the energy sector and more.
Today's Posthaste was written by Noella Ovid with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.
Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com.
Canada just had its slowest ever population growth rate excluding the pandemic
Posthaste: Canada's unemployment rate could reach 7.5% on still strong immigration, says economist
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