Newer Canadians and Investments Consumer Report 2024

There is a large gap when it comes to investing motives of Gen Z newcomers and their Millennials counterparts. The former is much more likely to prioritize quick gains over steady, long-term returns. This is reinforced by just the third of Gen Zers citing saving for retirement as an investing motive, compared to the nearly half of Millennial new Canadians. This Gen Z group is one that is highly likely to still be in university, and not giving as much thought to the long-term impacts of their investing decisions as an older Millennial that is more likely to be starting a family, buying a home for the first-time, etc.

With such contrasting investing motives, largely driven by life stage, brands must be flexible in meeting these investors where they are. Partnering with universities to provide younger newcomers a more stable and less-risky outlook on investing will be beneficial for this group’s long-term financial wellness. For older, wealthier newcomers, advisory and wealth management services are likely to remain an effective acquisition gateway.

This report looks at the following areas:

Brands must support new Canadians' investing efforts by offering tailored financial education and accessible resources that empower them to build their wealth.

Amr Hamdi, Senior Analyst – Financial Services

Market Definitions

For the purposes of this Report, Mintel has used the following definitions:

• Newer Canadians: people who have lived in Canada for less than 10 years
• First-time investors: those that acquired their first investing product less than a year ago.
• Intermediate investors: those that acquired their first investing product over a year to five years ago.
• Seasoned investors: those that acquired their first investing product over five years ago.