Redefining “life ready”

Nigel Branker is CEO of Securian Canada

I was a teenager when my family moved to Canada. Back then, the path to stability seemed relatively straightforward: Study, work hard, build a career, earn a steady income, buy a home, raise a family and retire with security. 

That was the roadmap many of us grew up believing defined what it meant to be “life ready.” And for a long time, that formula held true. 

But when I speak with Canadians today – working adults, newcomers, entrepreneurs – their stories sound different. The path is no longer as linear as it seemed to be in past decades. It is layered, diversified and sometimes unpredictable, and our latest research at Securian Canada confirms that this shift is not anecdotal but structural. 

According to our recent survey, one in five (21%) adult Canadians now participates in gig work, signalling the way Canadians earn income and build financial security has fundamentally evolved. Let’s unpack. 

The gig worker stereotype is outdated

There is an assumption that gig work primarily comprises food delivery and ride-sharing services, but our research found this type of gig work is among the least common at eight per cent and three per cent, respectively. Meanwhile, other types of gig work are more prevalent with specialized services (e.g., photography, consulting) at 30 per cent, selling items online at 26 per cent, digital freelance work (e.g., online tutoring, graphic design) at 21 per cent, and home and lifestyle services (e.g., dog walking, babysitting) at 16 per cent.

Gig work is also often framed as something temporary – students earning extra spending money or newcomers finding their footing. But the data tells a more nuanced story:  

• Only four per cent of gig workers are students and just four per cent are newcomers.  
• Gig work is not only for the youth. Participation among Canadians aged 35 to 54 matches those aged 18 to 34.  

In other words, this is not a fringe segment of the workforce. These are mid-career professionals juggling multiple jobs, pushing through the 5 to 9 after their standard 9 to 5. They are homeowners, parents, and skilled individuals who are making deliberate decisions to diversify income in response to rising costs and shifting economic realities.

What stands out to me is not instability – it’s adaptability. Canadians are doing what they have always done: adjusting, recalibrating and building resilience in the face of change. 

But our systems have not adjusted at the same pace. 

Gig work goes beyond the “side hustle” culture

In general, we still see language that minimizes this shift in employment and earning models – calling it “side hustle” culture. 

• For gig workers, these activities account for an average of 38 per cent of total income. For nearly one in five (18%), gig work represents 100 per cent of their earnings.
• At the same time, participation driven by enjoyment or hobby has declined from 27 per cent in 2024 to 20 per cent.

Behind these statistics are real households making trade-offs. Parents balancing multiple income streams to manage affordability pressures – leaving their personal and family time or their well-being at the bottom of their list of priorities – professionals hedging against economic uncertainty, and individuals seeking flexibility, not for convenience, but for sustainability.

That reality requires us to rethink how we define stability.

Gig workers are financially responsible but structurally exposed

One of the most striking findings in our research is that gig workers are acutely aware of their financial vulnerability. 

• Four in five (81%) say life insurance is important to their financial security, compared to 74 per cent of non-gig workers. 

That challenges another common assumption – that gig workers are less financially disciplined. In fact, many demonstrate heightened awareness precisely because their income is less predictable. 

The issue is not responsibility. It is infrastructure. 

Canada’s benefits ecosystem was designed around employer-sponsored stability. But stability today is increasingly defined by income behaviour – not employment classification. 

If someone earns responsibly, plans thoughtfully and protects their dependents, should it matter whether that income comes from one employer or three platforms? 

This shift presents both a challenge and an opportunity for those in the financial services space. A growing segment of Canadians is generating income in ways that fall outside of traditional models, yet their need for protection, planning and long-term security is no less significant.

The data tells us that gig workers are not disengaged from financial planning – they are actively seeking ways to build a solid foundation, manage risk and protect their families. The gap is the pathways available for them to build a strong financial foundation.

Rethinking what “life ready” means

Being “life ready” today looks different than it did even a few years ago.  

It means managing multiple income streams, building protection intentionally rather than receiving it automatically, and navigating systems that were not originally designed for what real life looks like now. Canadians have adapted and are building resilience in real time. 

Now our institutions – including those of us in financial services – must adapt alongside these new realities.  

For financial advisors and insurance providers, this means meeting people where they are and providing accessible options for support, especially given the limited amount of time a gig worker might have to seek advice. It requires us to understand that income may be variable or diversified, to recognize non-traditional career paths and to help Canadians prioritize foundational protections that reduce financial vulnerability, regardless of how people earn their income.

To us at Securian Canada, it means investing in research to better understand evolving needs. It means designing accessible, digital-first solutions, and recognizing that inclusion is not only about who we serve – but how we serve. 

If we continue to measure readiness using outdated employment templates, we risk overlooking Canadians who are doing everything right yet remain underserved by systems built for a different era. 

The future of financial security will not be defined by where income comes from. It will be defined by how well Canadians are protected, however they earn it. 

It is time our definition of “life ready” reflects the lives Canadians are actually living.