Survey reveals long-term commitment to money-making endeavours
In an ideal world, we would all be earning enough to keep on top of current spending requirements and have enough to save and invest for the future.
But with the economy uncertain and the cost of living having weakened the finances of millions of young Canadians, things are far from ideal and for those who are finding it hard to protect their financial security a secondary income is an option.
Half of the 1,000 people aged 18-44 who took part in a survey for Capital One Canada said that they are considering a side hustle to shore up their finances, with 61% saying it would be long-term commitment to meet their financial needs, 55% saying it was for non-negotiable financial needs, and 59% saying it was to build essential savings for the future.
The commitment is clear among those who are already working a side hustle. More than half (55%) of those making $1,000 to $3,000 per month dedicate 11-20 hours weekly and 32% of those earning more than $3,000 per month typically work more than 20 hours per week.
Almost all respondents said this was purely for the money rather than following a passion, hobby, or interest, and half said they would be financially stressed without extra income.
“Our research shows that Gen Z adults are 10% more likely to have a side hustle than their Millennial or Gen X counterparts,” says Becca Mintz, VP at Capital One Canada. “For around a third of these young self-starters, access to credit was crucial in getting their business venture up and going.”
The youngest cohort of Canadian adults is showing strong signs of wanting to lay strong foundations for their financial futures including being most likely to invest any tax refund that they receive this year and expressing interest in working with a professional financial advisor.
