Canadian women warming up to the idea of side hustles

Recent poll shows nine out of ten women are considering alternative sources of income

Canadian women warming up to the idea of side hustles

A recent survey of Canadian women from Simplii Financial, a digital banking company, has revealed that many Canadian women are thinking about “side hustling.”

According to the results of the survey, 90% of Canadian women aged 18 to 34 are interested in finding ways to supplement their income outside of their day jobs. Across all ages, 76% of Canadian women want to start a side business.

The Simplii side hustle survey, which was performed by Angus Reid, also indicated that women between the ages of 18 and 34 are looking at side hustles as a means to supplement their income and save for key life events such as retirement at a young age (30%); putting down a down payment on a property (36%); and increasing overall savings in preparation for future needs and plans (70%).

More than one-third of women (39%) said that obtaining start-up funding is a barrier to pursuing a side hustle, a figure that rose to nearly half (46%) among those aged 18 to 34.

Seven in ten Canadian women have a current passion project or are open to pursuing one. Meanwhile, 60% of Canadian women who want to pursue a side hustle indicate time as a deterrent while one in four female respondents cite finances as a barrier to pursuing a side hustle.

The survey was conducted in advance of International Women’s Day on March 8th, which Simplii Financial plans to honour with a panel of female Canadian entrepreneurs who have broken barriers to launch successful businesses.

“[A]s we approach International Women's Day (IWD), we want to provide a forum for women, no matter where they are on their financial or side hustle journeys, to learn from one another,” said Rohini Dhowan, Senior Director of Deposits and Investing at Simplii Financial.