Inflation means surge in Canadians seeking supplementary income

The cost-of-living crisis means more people are looking for extra income and some groups are more likely to be doing so

Inflation means surge in Canadians seeking supplementary income
Steve Randall

Canadians are not about to sit back and watch the debts pile up as the cost-of-living crisis intensifies.

A survey conducted in June by Abacus Data reveals a clear rise in the number of people who are looking to supplement their income, especially among those aged 18-44, part-time workers, and students.

The poll for Direct Sellers Association of Canada (DSA Canada) found that 42% of respondents pursued additional income sources in the past year, up 11 percentage points compared to the 2021 survey.

The share who said they were looking for supplementary income over the coming 12 months as a result of inflation rose 7 percentage points to 64%.

"Economic uncertainty continues to motivate Canadians to search for ways to supplement their income beyond traditional means," said Peter Maddox, president of DSA Canada. "When comparing year-over-year data, the research reflects the fact that the lessening of COVID-related restrictions has introduced new economic challenges and created a need for people to enhance their income."

Gig economy

Among the ways that Canadians are generating extra income are participating in the gig economy, taking an independent sales-based role, or starting their own small business.

"The economy is changing," continued Maddox. "As a positive, many people, especially younger Canadians, are looking for flexibility and work-life balance as they earn, and this is being made possible by technology and market-innovation. People are finding ways to participate in entrepreneurial activity, such as direct selling, in a manner that suits them".