The Rise of Side Hustles in Canada: Why 90% of Canadians Are Embracing Extra Work for Financial Stability

In recent years, the Canadian workforce has witnessed a remarkable trend: the rise of side hustles. According to a recent Harris Poll, nearly 90% of Canadians have taken on extra work at some point in their careers. This statistic highlights a growing reliance on supplementary income, particularly as numerous Canadians confront financial challenges exacerbated by rising living costs and stagnant wages. While side hustles have traditionally been associated with entrepreneurship and creativity, they have now become integral to the financial survival strategy for many individuals, especially among younger generations. With 41% of Generation Z and 47% of Millennials balancing side jobs alongside their primary employment, this article will delve into the financial motivations driving Canadians towards side hustles and explore the demographic landscape shaping this trend.

Key Takeaways

• Approximately 90% of Canadians have engaged in side hustles due to financial necessity.
• Younger generations, particularly Gen Z and Millennials, are leading the trend in side job participation.
• The primary motivations for Canadians pursuing side hustles include boosting savings and covering daily expenses.

The Financial Motivation Behind Side Hustles

The financial motivation behind side hustles has become increasingly evident, with a recent Harris Poll revealing that nearly 90% of Canadians have engaged in extra work at some point in their careers. This statistic highlights a significant trend as individuals seek additional income streams to supplement their primary employment, especially in light of Canada’s shifting economic landscape. Notably, around 29% of respondents currently juggle side hustles alongside their main jobs, a phenomenon particularly pronounced among younger generations. With 41% of Gen Z and 47% of Millennials participating in side jobs, compared to lower rates among their older counterparts like Gen X and Baby Boomers, it’s clear that the financial realities faced by younger Canadians are quite different. This generational shift is largely attributed to the increasing concentration of wealth among older populations, compelling many Millennials to factor potential inheritances into their financial planning. The urgency for supplemental income has surged, illustrated by the

1.1 million Canadians aged 15 and older holding multiple jobs, with higher participation rates observed among women (6.4%) and young adults aged 15-24 (6.6%). When asked about their primary motivations for pursuing side hustles, 59% of Canadians stated they aimed to boost savings, while 51% sought to ease daily expense burdens. This data underscores the significant reliance on multiple jobs as a necessary strategy for maintaining financial stability amidst economic challenges, as outlined by findings from the 2023 Statistics Canada Labour Force Supplement.

Demographics of Side Hustle Participation in Canada

The demographic landscape of side hustle participation in Canada reveals striking insights into the evolving nature of work and financial strategies among different generations. Particularly, the younger demographic, comprising Gen Z and Millennials, is leading the charge in embracing side hustles as a means to enhance financial security. The statistics show that 41% of Gen Z and 47% of Millennials are actively involved in side jobs, compared to significantly lower participation rates among older groups like Gen X (reporting around 25%) and Baby Boomers (around 15%). This generational divergence highlights an increased economic burden shouldered by younger Canadians, often driven by rising living costs and stagnant wage growth. Moreover, 59% of survey respondents reported engaging in side hustles primarily to bolster their savings, indicating a proactive approach to financial planning in light of these challenges. The trend is not merely a matter of extra cash flow; it represents a fundamental shift in how Canadians conceptualize work, with many viewing side jobs as essential components of a diversified income portfolio.