One in five recent Canadian graduates (20%) has none of five core coverages, namely life, health and dental, critical illness, creditor or balance protection insurance, according to a new Securian Canada report.
The finding sits alongside broad optimism. In Today's Graduates: Securian Canada Insights, conducted with Angus Reid Group, 78% of recent graduates described themselves as optimistic about their financial future: 23% said they were optimistic and confident, and 55% uncertain but hopeful.
"Canada's recent graduates are entering the next stage of their lives with ambition and a clear desire to build a secure future," said Nigel Branker, Securian Canada's chief executive. "At the same time, they are navigating financial pressures that are shaping how they define career progress and success."
Most recent graduates are working. Of those surveyed, 81% are employed (64% full time) and 59% can set money aside each month. That has not translated into a financial cushion. Nearly half (45%) could cover less than three months of basic expenses if their income stopped, and 40% describe themselves as struggling or just managing.
More than three-quarters (78%) carry debt, including credit card balances (42%) and student loans (33%). Even three to five years after graduating, 47% report difficulty covering housing and student loan costs. More than half (52%) are delaying buying a home, 29% are delaying marriage or long-term relationships and 28% are delaying starting a family.
The report's most significant finding for the industry is conceptual. Only 25% of recent graduates associate financial protection with insurance, while 31% associate it mainly with savings or government programs such as Employment Insurance, the Ontario Disability Support Program or workers' compensation benefits. A further 18% are unsure what financial protection means.
"It's reassuring to see that recent graduates are optimistic about their future, but that doesn't necessarily mean they're on a path to long-term financial security," Branker said. "The pressures recent graduates face with increased costs of living and the need to delay major life milestones reinforce the need for simpler and more accessible insurance solutions that will help keep them on track to meet their financial, professional and personal goals."
Securian Canada distributes largely through financial institutions, member organizations and other partners, and the report is the third in its research series on traditionally underserved markets.
For advisors, the findings suggest that conversations with younger clients often need to begin a step earlier than coverage levels. Many do not yet see insurance as a response to the income and debt risks they already recognize. Explaining what insurance does that savings and government programs do not is the starting point, particularly for clients whose only coverage may be a workplace plan they could lose with their job.
Angus Reid Group surveyed 2,277 adult Canadians between March 31 and April 20, 2026, including 1,017 recent graduates. Recent graduates were defined as post-secondary graduates aged 18 to 34 who finished school within the last five years and had two years or less of career-path work experience before graduating. Results were weighted to Statistics Canada parameters.
