More Canadians than ever are taking on extra work to make ends meet, with almost nine in 10 having worked a side hustle at least once during their career, according to a recent Harris Poll.
Wanting to up your earning power is nothing new. However, the advent of the gig economy means that there is more temporary or part time work available than ever.
Every day I’m hustlin’
All in all, 87% of Canadian job seekers have worked a side hustle at least once, according to the Job Seeker Report conducted by The Harris Poll.
Even more startling, almost one in three (29%) admit to having worked a side hustle during their primary job, but there was a generational split. Younger generations like Gen Z and Millennials were just under twice as likely to run a side hustle during their main job, at 41% and 47% respectively, compared to Gen X and Boomers.
This isn’t entirely surprising, though. Over time, wealth has been concentrated in older generations, leaving young people in the lurch. In fact, some Millennials are counting on inheritance as part of their path to financial security.
Traditionally, a side hustle is supposed to be a way of making extra money, not a way to afford simply making ends meet.
Multiple job holders on the rise
What’s more, about 1.1 million, or 5.6%, of Canadians over the age of 15 hold multiple jobs, slightly lower than the pre-COVID high of 5.8% according to Statistics Canada. Women were also more likely to hold two jobs, at 6.4% of the demographic.
Holding multiple jobs was more common among younger workers, just like with side hustles. All told, 6.6% of workers between the ages of 15 and 24 held multiple jobs. This demographic also had the highest rate of part time employment at 49.4% compared to other cohorts.
Part-timers were also more likely to have to work multiple jobs. Almost nine in 10 (89.9%) of multiple job holders had a part-time position as either their first or second job.
Extra work to combat rising costs
Among those surveyed, the number one reason for taking on a side hustle was to make ends meet.
All told, 59% of respondents worked a side hustle to increase their savings, while 51% aimed to cover expenses, according to the same Harris Poll. These pain points are backed up by Statistics Canada reporting.
The 2023 Stats Can Labour Force Supplement notes that working multiple jobs is a necessity for many Canadians.
Just over one in three (34.9%) had a second job to meet essential needs like groceries or housing. Meanwhile 34.8% of respondents sought to earn extra income, according to the same report.
Conclusion
Chances are you’re shoulder to shoulder with someone right now who is putting in extra time for extra pay, whether a side hustle or a second job. If you’re in the market, looking to supplement your income, check out some of the best side hustles for Canadians.
For more from Money.ca, check out ways to save more and some of the best no annual credit cards to fill in the gaps.
Sources
1. Statistics Canada: Defining and measuring the gig economy using survey data: Gig work, digital platforms, and dependent self-employment
2. The Harris Poll: Job Seeker Canada Report
3. Macleans: The Jackpot Generation
4. Statistics Canada: Multiple jobholders, 2023
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