NEW TD SURVEY REVEALS 76% OF NEWCOMERS POLLED FEAR MAKING FINANCIAL MISTAKES Français
According to the survey, 55% of newcomers polled say it was/is difficult managing their finances since arriving in Canada. A key barrier is understanding Canada's financial system, which the survey revealed is a common challenge for all demographics, regardless of their age, income, country of origin or general financial literacy level.
38% of newcomers reported little to no understanding of the banking system in Canada and how to manage their money – compared to 25% of the general Canadian population.
51% of newcomers reported little to no understanding about investing money in Canada – compared to 35% of the general Canadian population.
41% of newcomers reported little to no understanding of the state of the Canadian economy – compared to 26% of the general Canadian population.
"Building a life in a new country can be both exciting and overwhelming. Newcomers face the pressure of adapting to a new way of life in Canada, while quickly getting on the right foot financially – from understanding banking products and services, to budgeting for living costs and future goals, while maintaining financial ties to family living abroad." Janice Farrell Jones, SVP, Everyday Banking, Savings & Investing at TD. "This important research highlights the critical need to provide enhanced financial education, tools and resources, so newcomers can feel confident at all stages of their journey and make informed decisions to achieve their financial goals and succeed in Canada."
Newcomers and general Canadian population polled fear making a financial mistake
While newcomers polled reported lower confidence in understanding the Canadian financial landscape and economy, both newcomers and the general Canadian population alike feel anxious and overwhelmed about their finances. This underscores the additional barriers that newcomers may face while navigating a new financial system in a new country.
76% of newcomers and 68% of the general Canadian population fear making a financial mistake.
35% of newcomers and 31% of the general Canadian population feel embarrassed or judged when they seek financial support or advice.
56% of newcomers and 44% of the general Canadian population say they do not feel they have enough money to live comfortably in Canada.
When it comes to their top financial goals and priorities, newcomers polled are primarily concerned about financial stability and planning for the future:
Feeling prepared for uncertain financial and economic situations (40%)
Investing money effectively (37%)
Saving for retirement (36%)
Being debt free (32%)
In addition, 50% of newcomers polled said they are interested in starting a business in Canada. Despite this entrepreneurial ambition, 62% say they are not well informed about the financial products available to support business owners.
"Financial confidence is a key part of the journey for those who are looking to build their lives in Canada.," Farrell Jones adds. When newcomers feel financially secure, save and grow their wealth, and put their entrepreneurial energy to work, it makes the country more resilient, competitive and prosperous for all Canadians.
Canadian banks can play a critical role in creating an inclusive financial future for newcomers
Farrell Jones also says: "Immigration will continue to be a vital economic driver for Canada. TD is committed to leveraging our experience and resources across the bank to help support newcomers, build welcoming communities, and contribute to the broader effort to help advance Canada's growth and resilience. However, we recognize that we cannot do this alone. We believe that there is an opportunity for the financial industry and corporate Canada at large to help set up new and established newcomers for success. As Canada determines its path to economic prosperity, now is the time to strive towards creating an inclusive financial future for everyone who calls Canada home."
TD is dedicated to supporting newcomers at all stages of their financial lives and in their Canadian journey, with product offerings to help drive financial knowledge and confidence. This includes multi-language support in TD branches, by phone and ATMs, and online; strategic relationships with CanadaVisa, HDFC Bank, and MPOWER Financing; and funding to support organizations including Prosper Canada's Benefits Wayfinder online tool to search for government benefits, ABC Life Literacy's Money Matters' free introductory financial literacy program and Futurpreneur's Newcomer Entrepreneurship Program.
Through the financial access pillar of TD Pathways to Economic Inclusion, TD's social framework announced in 2022, TD seeks to improve access to banking through financial education and advice, as well as enhance or develop products, services and processes to remove barriers and help build financial health and resilience for customers, communities and colleagues.
About the TD Survey
Edelman Data & Intelligence conducted an online quantitative survey on behalf of TD among 1,021 newcomers to Canada who arrived within the past 10 years. The survey, available in both English and French, was conducted between January 31 and February 10, 2025, with respondents who were members of the Angus Reid Forum panel. The sample included 510 individuals who arrived in the past 0–5 years and 511 who arrived in the past 6–10 years. For comparison purposes only, a probability sample of this size would carry a margin of error of +/- 3 percentage points, 19 times out of 20.
Additionally, Edelman Data & Intelligence conducted a separate online quantitative survey on behalf of TD among a nationally representative sample of 1,507 Canadians. This survey, also available in both English and French, was conducted between March 31 and April 2, 2025, with respondents who were members of the Angus Reid Forum panel. For comparison purposes only, a probability sample of this size would carry a margin of error of +/- 2.5 percentage points, 19 times out of 20.
The Angus Reid Forum is Canada's most well-known and trusted online public opinion community, made up of engaged residents from across the country who regularly participate in surveys on topics that matter to Canadians.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.9 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank ®, TD Auto Finance U.S., TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 18 million active online and mobile customers. TD had $2.1 trillion in assets on April 30, 2025. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
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