76% of newcomers fear financial missteps, TD survey finds

Compared to the general Canadian population, the survey illustrates that newcomers are more likely to feel confusion around how the economy works, how to build credit and where to find trustworthy financial advice. The result, TD warns, is not just elevated stress, but real barriers to financial participation and Canada’s overall economic progress.

Newcomers face steep financial learning curve

The TD survey paints a clear picture: Newcomers to Canada often arrive with financial ambition, but can lack clarity when navigating the country’s banking and economic systems.

More than half (55%) said managing their finances in Canada was or continues to be difficult, with 38% reporting little or no understanding of the Canadian banking system, compared to the 25% reported by the general population.

“Building a life in a new country can be both exciting and overwhelming,” Janice Farrell Jones, SVP of Everyday Banking, Savings & Investing at TD, said in a statement. “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.”

TD's findings also suggest that knowledge gaps extend far beyond basic banking. A majority of newcomers also struggle with understanding how to invest in Canada (51% vs. 35% among the general population) and grasping the state of the Canadian economy (41% vs. 26%).

Fear of mistakes and judgment adds pressure

The survey also highlights the emotional burden some newcomers carry when managing their finances in a new country. While anxiety around money is widespread — 68% of the general population say they fear making financial mistakes — that figure rises to 76% among newcomers.

Social stigma also plays a role. More than a third of newcomers (35%) said they feel embarrassed or judged when seeking financial advice, echoing a similar though slightly lower rate among the general population (31%).

The result, TD suggests, is a climate where newcomers are navigating financial decisions under both practical and emotional strain. Over half of newcomers (56%) say they don’t feel they have enough money to live comfortably in Canada, which is a concern also shared by 44% of the general population.

Ambition is strong — but support is lacking

Despite these challenges, newcomers generally remain financially ambitious. Top goals include preparing for economic uncertainty (40%), investing effectively (37%) and saving for retirement (36%). And of particular note is the finding that 50% of newcomers expressed interest in starting a business in Canada.

However, 62% of those with entrepreneurial goals reported feeling uninformed about the financial products available to support them.

"Immigration will continue to be a vital economic driver for Canada,” said Jones in a statement. “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.”

To help close the gap, TD has introduced a range of programs and partnerships aimed at improving financial access and literacy, including multilingual services and strategic relationships with organizations like Prosper Canada, ABC Life Literacy and others.