Helping Newcomers and International Students Secure their Financial Futures in Ontario

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Photo courtesy: Financial Services Regulatory Authority

TORONTO, March 6, 2025 — As Ontario’s immigrant population continues to grow, making up more than 34 percent of the province’s total population, financial planning, especially for retirement, has become an increasingly important topic. For many newcomers, settling in a new country often presents numerous challenges, and navigating financial systems—such as understanding pension plans—can be particularly daunting.

In response to this, the Financial Services Regulatory Authority of Ontario (FSRA) has launched its annual pension awareness campaign to support newcomers and their families with the tools, resources, and information they need to better plan for their financial futures.

Understanding the Importance of Retirement Planning for Newcomers

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As immigrants adapt to life in Ontario, understanding the local financial landscape is crucial for long-term security. The FSRA campaign is designed to ensure that all residents—especially those who are new to the province—are well-equipped to make informed decisions about their pension and retirement plans. According to FSRA’s Executive Vice President of Pensions, Andrew Fung, “No matter your journey to arrive or settle in Ontario, we encourage everyone to learn more about workplace pension plans, and the benefits they can provide you and your family. As more people settle in Ontario, learning about your financial planning options, including understanding pensions, can seem complicated—but we’re here to help.”

The Need for Financial Awareness Amid Rising Living Costs

Recent data from an FSRA-commissioned poll highlights the struggles many Ontarians face when it comes to balancing the cost of living and preparing for retirement.

  • A staggering 81 percent of Ontarians report being more concerned about affording everyday necessities than saving for retirement.
  • Nearly half (44 percent) say that the high cost of living is preventing them from starting their retirement savings.
  • Worryingly, 20 percent of people feel they will never be able to retire, and only 17 percent believe their quality of life will improve after retirement.

Given these concerns, FSRA is offering a simple, five-step strategy to help Ontarians—especially newcomers—prioritize their pension and retirement planning.

FSRA’s Five Simple Steps to Help Secure Your Retirement

  1. Ask if your workplace offers a pension plan
    It’s important to check whether your employer offers a pension plan. If you are already enrolled, be sure to understand the benefits you’re entitled to. Reviewing your annual pension statement is an excellent starting point.

  2. Find out if your workplace offers a retirement savings plan
    If a workplace pension isn’t available, there may be other retirement savings options that can help you get started.

  3. Learn about employer matching
    Some employers offer to match contributions to your pension plan. If this is the case, it’s wise to contribute as much as possible to maximize the benefits you can receive.

  4. Decide what you can comfortably save
    Saving for retirement doesn’t have to mean huge amounts. Whether it’s $5, $50, or $500 a month, the key is to start saving regularly. The earlier you begin, the more your savings will grow.

  5. Consider a pension plan as part of your job search
    When looking for a job, you already weigh factors like salary, benefits, and vacation time. Consider adding a pension plan to your list of priorities when evaluating potential employers.

The FSRA’s Ongoing Commitment to Consumers

FSRA continues to work tirelessly to ensure that all residents, including newcomers and international students, have access to the financial tools and knowledge they need to thrive in Ontario. By offering education and resources on pensions and retirement planning, FSRA is helping to foster a more financially secure future for all.

For more information and resources about pensions and retirement planning, visit FSRA’s official website and explore their pension awareness materials:

The FSRA remains dedicated to providing all Ontarians, particularly immigrants, with the financial knowledge necessary for long-term stability, fairness, and choice. With the right resources and planning, newcomers to Ontario can confidently build a secure financial future for themselves and their families.

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