Build Confidence in Your Finances: 7 Steps to Take Control

I’ve never been a fan of polls and surveys. It’s not that I distrust their intent or the insights they try to reveal, but in a country of more than 40 million people—made up of countless, diverse subgroups—I find it hard to accept that a few hundred responses can speak for everyone. That tension has always bothered me.

A few weeks ago I received a press release from TD Bank with a headline that caught my eye: “76% of newcomers fear making financial mistakes.”

Even though I was skeptical about how that number was generated, the sentiment didn’t surprise me. Newcomers do worry about making money mistakes. Whether the exact figure is 76% or 65%, the crucial point remains: many people who arrive in Canada feel anxious about finances—and with good reason.

Arriving in a new country involves learning unfamiliar systems. The Canadian financial system can feel especially opaque: it’s a maze of accounts, products, rules and jargon. For someone still learning the language, looking for work, finding a place to live and adjusting to cultural norms, the financial layer can become overwhelming. That stress is expected and understandable.

What stood out in the TD report was not only how many newcomers expressed confusion but that significant shares of the general population reported similar uncertainty. The survey found 38% of newcomers had little to no understanding of the Canadian banking system; 25% of the broader population said the same. For investing, 51% of newcomers reported not knowing how to invest in Canada, compared with 35% of the wider public. Those gaps matter—but so does the fact that many Canadians, not only newcomers, feel unsure about finances.

This isn’t solely a newcomer problem. It’s a broader Canadian problem.

Everyone’s staring at the same dishwasher

Understanding Canada’s financial system—especially from the perspective of someone new—often feels like using a dishwasher for the first time. You can see what it’s supposed to do, but the buttons don’t make sense, you’re not sure you’ve put in the right detergent, and every unfamiliar noise raises the question of whether something is broken. In the end, washing dishes by hand can feel safer—slower, but familiar.

Banking, investing, taxes, insurance and credit are meant to make life easier, yet learning to use them—and trusting that you’re using them correctly—can feel risky. That fear of making a mistake keeps many people from starting or from engaging more deeply with the tools available.

I’ve lived in Canada for over six years and work in financial services, helping organizations navigate these systems. Even with that background, confidence doesn’t always follow familiarity. Each year I still agonize over a small investing decision: what to do with the government matching contribution in my daughter’s registered education savings plan (RESP). It’s a minor choice in the grand scheme of things, but it consistently ties me up in knots. I overthink it, question myself and hesitate.

In those moments, despite my experience, I feel like I’m standing in front of that same dishwasher—unsure which button will cause a cascade of problems I can’t fix.

When trust disappears without warning

Trust matters as much as knowledge. Not long ago my long-standing financial advisor called to say she’d moved branches and would be handing my file to someone new. I understand reorganizations happen, but this felt like losing the one person in the system I trusted. She had learned how I make decisions and how to calm me when I spiraled; replacing her overnight didn’t transfer that rapport.

Money is emotional, and support is a big part of feeling confident. Surveys don’t always capture that human element—the sense of being guided rather than being pointed toward a distant, impersonal solution.

The bigger issue isn’t knowledge, it’s confidence

What the TD survey highlights—and what many of us feel but rarely say outright—is that people fear making financial decisions because they worry they’ll get them wrong. When confidence is low, every step forward feels like a risk.

This anxiety affects newcomers, yes, but it also affects lifelong residents facing tax season, couples unsure about their savings plan, and entrepreneurs who treat banking as a chore rather than a resource. The report also noted that half of newcomers are interested in starting a business while 62% don’t understand the financial products that could help them. That gap between interest and practical knowledge is significant.

I run a small business myself and confess I don’t clearly recall why I picked the business bank I did. Years later, they rarely reach out, and I don’t either. The account sits mostly unused while the support I might need stays out of reach. That’s a missed opportunity for both customers and institutions.

How to build financial confidence

I’m not criticizing the survey. Its focus on confidence is important. But confidence is earned over time through consistent, small actions: asking questions, making modest mistakes, learning from them, and repeating what works. Sometimes it starts simply by admitting you don’t know—and taking one step anyway.

Practical ways to build confidence include:

• Start with reliable resources. Financial institutions and non-profits offer plain-language guides and tools. Organizations focused on newcomer support often have targeted, accessible materials—use them as a foundation.
• Talk about money. Conversations help normalize concerns and reveal practical tips. Ask others what they do, listen to their mistakes and successes, and adapt what fits your situation.
• Use the internet selectively. There are excellent videos and forums—but also plenty of noise. Look for reputable sources, read reviews and cross-check information before acting.
• Expect more from your financial institution. Tell them what support you need. If your bank or advisor doesn’t respond, consider switching. These relationships should serve you.
• Take one small step. Open that long-delayed account, set a modest savings goal, or book a short call with an advisor. Often clarity comes after you begin, not before.

You’re not alone

Financial systems are complex, and pretending they should be simple only makes them harder. It’s normal to be confused, anxious or hesitant. Whether you’re new to Canada or have lived here your whole life, if you’ve paused before a financial decision or felt embarrassed to ask a question, you’re in good company.

I’ve been there and still am sometimes. The aim isn’t perfection but progress—keep asking, keep trying, and keep pressing those dishwasher buttons until, gradually, they start to make sense. Not perfectly, but well enough to move forward with confidence.

Read more stories for newcomers to Canada:

• How limited access to credit keeps newcomers from advancing financially
• 8 financial mistakes newcomers to Canada make—and how to avoid them
• How much income do you need to buy a home in Canada?
• Buying a car in Canada: 7 tips for newcomers