How Financial Brands Can Capture and Keep The Millennial Newcomer Segment

The questions we answered.

How can financial institutions effectively engage and build loyalty among Canadian Millennial Newcomers, including both recent immigrants and those who have been in Canada for some time?

• What are the demographic characteristics, values, financial needs, and preferences of Millennial Newcomers in Canada?
• What information gaps do they encounter when settling in Canada?
• Which platforms do they rely on for news and community connection?
• What content themes resonate best with this audience?
• Which brand campaigns have successfully resonated with Millennial Newcomers?
• What are the key whitespace opportunities for brands to build trust with this audience?

Millennial Newcomers (born 1981–2000), who comprise 59.4% of all newcomers to Canada¹, represent one of the most lucrative customer segments in Canada’s financial sector. While the Big 5 banks currently dominate, significant opportunities exist to deepen customer relationships beyond starter financial products. Challenger banks, credit unions, and insurers also have considerable potential to capture market share with tailored offers.

How can financial institutions win with Millennial Newcomers? We analyzed our data to uncover key trends, surface insights, and develop actionable recommendations. Here's what we found.

Key takeaways

• Maximize Millennial Newcomer value with long-term engagement. Millennial Newcomers feel financially independent in 19.6 months² — a critical window. Move beyond initial settlement support to address evolving needs like homeownership. Content is the bridge to lasting relationships.
• Culturally relevant strategies drive affinity. TD Bank demonstrates that impactful brand affinity stems from strategic digital ad spend, utilizing targeted sports partnerships, culturally relevant themes, and language-based ads.
• Challengers are missing opportunities. Most challenger banks and credit unions lack targeted marketing for newcomers, despite competitive offerings.
• Leverage a valuable content gap. A significant content gap exists around practical needs like vehicle ownership and driver's licenses, presenting a prime opportunity for financial institutions to build trust with informative content. Content addressing the latter stages of a Millennial Newcomer's financial journey (i.e. mortgages) can deepen brand relationships beyond starter financial product.

_{1 Statistics Canada. (2024, September 25). Estimates of the components of international migration, by age and gender, annual .https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1710001401.  Retrieved 2025.}

_{2 Gervais, C. (2025, February 11). Cracking the newcomer code: Spring 2024 edition for public and Financial Institutions. Leger. https://leger360.com/cracking-the-newcomer-code-spring-2024-edition-for-public-and-financial-institutions/}

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The growing influence of Millennial Newcomers.

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Millennial Newcomers are transforming Canada’s demographic and economic landscape. 

As of 2024, Millennials (born 1981–2000) account for 59.4% of all newcomers, making them a dominant force in the country’s immigration trends¹.

Between 2021 and 2024, over 1.1 million Millennial Newcomers arrived in Canada, propelling Millennials to become the largest generational cohort, surpassing Baby Boomers². In fact, this generation is now 1.4 times larger than it was in 2004, playing a pivotal role in reshaping the labor market and economy. Understanding how to effectively engage this influential group is more critical than ever.

_{1 Statistics Canada. (2024, September 25). Estimates of the components of international migration, by age and gender, annual .https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1710001401.  Retrieved 2025,.}

_{2 Quito, E. J. (2024, October 13). Millennial immigration driving canada’s workforce and economic growth. ImmigCanada Immigration Consulting Services. https://immigcanada.com/millennial-immigration-driving-canadas-workforce-and-economic-growth/}

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What are their financial needs?

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Millennial Newcomers arrive with distinct financial needs. Settlement resources focus on basic banking services like chequing, savings, debit, and money exchange. 

Newcomers typically achieve financial independence within 19.6 months¹. This period presents a key opportunity for institutions to offer support and build lasting relationships. Financial independence is defined as the ability to cover all living expenses, such as housing, food, healthcare, and transportation, without external assistance.

Beyond the first year, priorities shift to long-term savings and major commitments like mortgages and insurance. This presents a prime opportunity to offer tailored products that support their expanding financial goals.

Let's explore the financial landscape these newcomers initially encounter.

_{1 Gervais, C. (2025, February 11). Cracking the newcomer code: Spring 2024 edition for public and Financial Institutions. Leger. https://leger360.com/cracking-the-newcomer-code-spring-2024-edition-for-public-and-financial-institutions/}

_{2 Quito, E. J. (2024a, October 13). Millennial immigration driving canada’s workforce and economic growth. ImmigCanada Immigration Consulting Services. https://immigcanada.com/millennial-immigration-driving-canadas-workforce-and-economic-growth/}

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First impressions: A perception of sameness

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The similarity between newcomer banking programs is reflected in a sentiment analysis, which placed all major banks within a narrow, moderately positive sentiment range (0.2 to 0.3).

Notably, no bank achieved either exceptionally positive or negative sentiment, indicating a general appreciation for program aspects and services. However, the absence of a standout performer suggests a significant opportunity for banks to enhance brand and product differentiation and creating a more compelling offering for this key demographic.

While no bank is universally praised, BMO and Tangerine emerge with slightly higher sentiment scores, indicating a greater proportion of positive experiences. TD, RBC, and CIBC, while still receiving generally positive feedback, exhibit slightly lower scores, suggesting some inconsistency in customer satisfaction.

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Demographics and values

Millennial Newcomers (predominantly male, earning $50K-$100K) are a paradox. They strive for excellence (60%) yet doubt their ability to succeed (38%). They’re open to new ideas (63%) but cautious about others’ intentions (36%).

For financial brands, the opportunity is clear:

• Boost their confidence with tools that make success feel achievable.
• Build trust through transparency.
• Offer innovative, tailored solutions that match their openness to new experiences.

Bridging the gap between ambition and self-doubt is the key to winning their loyalty — and their business.

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What media do they consume?

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Millennial Newcomers are digital-first, with websites (17.1%) leading share of consumption. Traditional media like TV (15.1%) and print (12%) retain some relevance, but International channels, which is media particularly from the APAC region (13.2%), highlight the importance of culturally relevant content. Digital audio (music streaming at 10.3% and podcasts at 7.7%) also resonates. Interestingly, despite strong affinity, radio lags with 8% engagement, suggesting a preference-consumption gap.

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Which social media platforms do they love?

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Millennial Newcomers are highly active across digital platforms, with YouTube (91%) and X (90%) leading in usage. Facebook (75%) remains a major hub, while Instagram (56%) also sees strong engagement. Other platforms, like LinkedIn and TikTok, are emerging as spaces for professional networking and creative expression.  

These platforms aren’t just places where Millennial Newcomers spend time — they are critical channels for connection, information, and entertainment. Brands that move beyond simply showing up and instead tailor their messaging to the intent and behaviors driving engagement on each platform will forge the strongest, most meaningful connections.

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A love for news. Why?

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Millennial Newcomers exhibit a strong interest in news across both TV and digital platforms, demonstrating a desire to stay connected to both their new home and cultural roots. Top sources include a mix of Canadian outlets like CTV (40%) and CNN (38%), alongside international channels such as NDTV (9%), Times of India (9%), Al Jazeera (7%), and Hindustan Times (5%).

This high engagement with news presents a valuable opportunity for financial institutions. By incorporating news outlets into their programmatic advertising strategy, brands can reach Millennial Newcomers in trusted environments where they are actively seeking information, enhancing both relevance and credibility.

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Which banks are winning them over?

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In the race to win over Millennial Newcomers, TD and CIBC have emerged as front-runners, commanding 31% and 29% brand affinity respectively, followed by Scotiabank at 24%.  

Interestingly, this segment exhibits even stronger brand loyalty than the broader Millennial audience, likely driven by their heightened need for foundational financial products upon arriving in Canada.

Notably, the lack of targeted campaigns from challenger banks and insurers has allowed the Big 5 Banks to dominate this space.

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What could be fuelling their success?

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From June 2024 to January 2025, CIBC led digital ad spend for campaigns targeting newcomers, significantly outpacing TD, the brand with the highest affinity, by 16.6 times. This aggressive strategy highlighted CIBC’s commitment to solidifying its position within this crucial market.

Challenger banks and credit unions remain largely absent in targeted newcomer campaigns, despite offering strong financial packages. This presents a major whitespace opportunity to capture a highly receptive audience. Similarly, insurance companies have yet to significantly invest in newcomer-focused efforts, leaving the Big 5 banks to dominate this segment.

• CIBC's approximate digital ad spend for newcomer campaigns is substantially higher than Scotiabank's, by roughly $4.7 million (about 6.6x more).

• TD Bank, despite spending an estimated 6% of CIBC's digital ad budget, has the highest brand affinity.

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Which content themes resonate with them?

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Millennial Newcomers are hungry for news that keeps them informed and connected, with Newcomer News Stories capturing 24.7% of total views and engagement. They want updates on local issues, policy changes, and relatable stories, often turning to trusted sources like Omni News.

But staying informed is only part of the picture. Practical needs matter too, as shown by the high engagement with content about Vehicle Ownership and Driver's Licenses (10.9%) and Immigration Tips & Policy Updates (10.2%). These aren't just nice-to-haves; they're key to navigating daily life, finding jobs, and staying secure. Brands that offer clear guidance, expert advice, and step-by-step resources can really help newcomers thrive.

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Which content themes resonate with them?

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Millennial Newcomers know the challenges they face, like adjusting to Canadian winters (9.6%) or starting fresh (10.1%). But they need more than just acknowledgment; they want real solutions, practical advice, and inspiring stories. Brands that go beyond surface-level empathy and offer tangible help will build trust and lasting connections.

At the same time, lighter content like Newcomer humor (3.2%) creates valuable connections. But humor should complement, not replace, the essential guidance they seek. 

Content around Rental & Homeownership (4.7%) presents a vital opportunity to deepen relationships with Millennial Newcomers beyond foundational offerings like chequing and savings accounts. By addressing this key need, brands can ensure their presence extends beyond the initial settlement phase and into the long-term financial journey of this valuable segment.

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Takeaways

• Build lasting relationships by understanding the Millennial Newcomers’ evolving journey. Newcomers typically achieve financial independence within 19.6 months¹. This means it's crucial to look beyond the early stages of their financial journey and consider their evolving needs as they settle in Canada, particularly around major milestones like homeownership and vehicle purchase. Content plays a crucial role in bridging these different stages and nurturing long-term relationships.‍
• Culturally relevant strategies drive affinity. TD Bank demonstrates that impactful brand affinity can be achieved with a strategic approach to digital ad spend. By strategically utilizing sports partnerships, culturally relevant content themes, and language-based ads, TD Bank created highly engaging campaigns that resonated deeply with Millennial Newcomers.
• ‍Challenger banks and credit unions are missing out. While some digital banks (e.g., Simplii, Koho) have made initial marketing efforts, they have not prioritized this segment and therefore are missing a large market opportunity. Credit unions provide competitive newcomer packages, but they have generally shown limited marketing activity in this area.
• ‍A content gap exists. One of the whitespaces, particularly around the practical needs of Millennial Newcomers regarding vehicle ownership and driver's licenses, presents a significant opportunity for banks, credit unions, and insurance companies to create valuable content that addresses these needs and establishes them as trusted resources. Content addressing the latter stages of a Millennial Newcomer's financial journey (i.e. mortgages) can deepen brand relationships beyond starter financial products.

Want to dive deeper?

We can help you:

• Understand your target audience: Uncover the preferences and behaviors of key demographics, including Millennial Newcomers and other segments important to your business.
• Gain a competitive edge: Analyze your competitors' strategies, strengths, and weaknesses to identify opportunities for differentiation.
• Maximize your content's impact: Dive deep into content with production-level insights and recommendations, ensuring your investments are efficient and effective across all platforms.
• Optimize your channel strategy: Identify and leverage the most effective channels, strategically and tactically, to maximize impact and minimize wasted resources.

Or, tell us what other burning marketing questions you have – we're here to help you find the answers.

_{1 Gervais, C. (2025, February 11). Cracking the newcomer code: Spring 2024 edition for public and Financial Institutions. Leger. https://leger360.com/cracking-the-newcomer-code-spring-2024-edition-for-public-and-financial-institutions/}