Helping Newcomers and International Students Secure their Financial Futures in Ontario

Ontario’s Financial Services Regulator offers five simple steps to help immigrants and their families plan for retirement.

TORONTO, March 6 2025

Immigrants now make up more than 34 percent of Ontario’s population. For many, relocating to a new country comes with its own set of challenges, and understanding financial matters like pensions is crucial for long-term stability and security. To help meet this growing need, the Financial Services Regulatory Authority of Ontario’s (FSRA) annual pension awareness campaign offers consumers access to important pension information, tools, and resources.

“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,” says FSRA’s EVP, Pensions, Andrew Fung. “As more people settle in Ontario, learning about your financial planning options, including understanding pensions, can seem complicated – but we’re here to help.”

Retirement planning isn’t a high priority for many Ontarians today

A recent FSRA-commissioned poll found that cost-of-living concerns are impacting retirement planning for many Ontarians:

81 percent of people are more concerned about paying for basic necessities like groceries than saving for retirement.
44 percent said the high cost of living is hindering them from starting to save for retirement.
20 percent of people think they will never be able to retire.
only 17 percent believe their quality of life will be better when they retire.

FSRA has a simple five-step strategy to help Ontarians learn more about and prioritize their pension and retirement planning

Ask if your workplace offers a pension plan.

If you’re already a plan member, ensure you know what benefits you’re entitled to. Reviewing your annual pension statement is a good place to start.

Find out if your workplace offers a retirement savings plan.

If you don’t have access to a workplace pension, there may be other options.

Learn about employer matching.

If your employer will match your pension contributions, consider making maximum payments to take full advantage of the money you save for retirement.

Decide what you can comfortably save.

It doesn’t need to be a lot! Whether it’s $5, $50 or $500 a month, the more you can save and invest today, the better off you’ll be at retirement.

Consider making a pension plan part of your job search criteria.

You already consider salary, benefits, and vacation when deciding where to work. Add the pension plan to your pros and cons list, too!

Learn More
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca

Links
https://www.fsrao.ca/consumers/pensions
https://www.fsrao.ca/pensionawareness

FOR MEDIA INQUIRIES:
Russ Courtney
Sr. Manager, Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: russ.courtney@fsrao.ca