Caught between the high cost of living and mounting debt, Canadians are resorting to side hustles to get by, a new survey has found.
Nearly one in four (23 per cent) of Canadians say they have a side hustle, averaging 13 hours a week on their secondary job, an Ipsos survey conducted for incorporation and business registration platform Ownr found on Thursday.
The proportion rises to nearly half (47 per cent) when you add those who are considering getting a side hustle soon.
Younger Canadians are more likely to have a side hustle, with nearly half (46 per cent) of Gen Z respondents saying they currently have a side hustle of some sort.
The biggest motivation for having a second job was the need to supplement regular income (39 per cent), followed by those who were most concerned about the rising cost of living (33 per cent).
More than a quarter (26 per cent) said they took on a side hustle to pay down debt.
While many start a side hustle out of financial stress, it could also be an entrepreneurial opportunity, said Ownr CEO Jordan Casey.
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“There’s a lot of entrepreneurial ambition in Canada, and this data proves that even more of it may be hiding in plain sight,” Casey said.
Around one in five (19 per cent) said they are likely to leave their primary job and turn their side hustle into a full-time business, rising to 29 per cent among Gen Z side hustlers.
More than half of Gen Z respondents said they consider their side hustle a legitimate business.
However, many still face challenges when it comes to forming an exit plan.
“What starts as extra income often becomes a realization: ‘I’m actually good at this.’ Then comes the thought, ‘I could do this full-time.’ That’s where it gets hard,” said Casey.
Four in 10 (40 per cent) of all respondents said they aren’t sure whether or not to incorporate their side hustle as a business, while another 40 per cent said they don’t understand the legal requirements of starting a business.
The “confidence gap” is larger among women, with only 58 per cent of women saying they know when they need to register their business, compared with 69 per cent of men.
All state sponsored propaganda media..then build a gallows in front of parliament
Stupid f *ucking Liberals. All you Boomers that voted for them need to be shot.
I’m reading one blame Liberals and the other blame Conservatives.
I’m a millennial, and we just have to make more to survive. Its a collection of policies and its a part of the Canadian culture at this point.
Companies and governments are forcing staff back into an office knowing full well that they will perform worse but because of ego and optics we need to be back. This is costing them about $1,000 per year per day in just commuting time. And it looks like boomers are okay with it because they did it so we should too.
To me, there’s a massive disconnect with our culture across the country and I think everyone is blaming the other as opposed to looking at themselves and each other.
Because we’re all forced to be in one of three major cities, we have to spend and pay for it. Democratize the economy and you’ll see less hoarding of roles.
Even a study found that boomers are hoarding their jobs because they don’t want to retire yet, despite the fact that they can.
Sure, there are a myriad of problems, but we’re not finding solutions and we’re name calling at this point. And this comment thread proves it.
Carney economy
Ben, I don’t believe you are gen Z, at all. You right like a leftist boomer.
“jUst eAt LEsS aVaCaDo tOaSt!”
– Canadian boomers
Ben are you sure that the cuc* genre videos you and the Mrs make don’t qualify as a side hustle?
Ben gets in there quick because this story puts the ruling Liberals in yet more bad light. Does this story wreck your day, Ben? I bet it does. Thanks for continuing to support these morons in office, you idiot.
So as a member of Gen Z, I don’t have a side hustle. Neither does my wife. Does that mean I get to say, like conservatives do, that these stats are irrelevant because they didn’t ask me?
I’m sure the conservatives will blame the Liberals. This is just another sign of end stage capitalism.
Thanks to the Lost Liberal Decade.
Anonymous side hustle is being a pathetic village idiot who posts comments non stop. Sad.
Because the Liberal economy and liberal policies are death.