Why nearly half of B.C. residents are taking on side hustles
Over half of B.C. residents are worried about their career prospects — and almost just as many are taking on side hustles — according to the latest MNP Consumer Debt Index.
With economic uncertainty, tariffs, the U.S-Canada trade war, and growing concerns about AI, 53 per cent of B.C. residents reported that they are concerned about job mobility and career opportunities.
Ipsos, a market research and polling company, conducts the MNP Consumer Debt Index quarterly, gauging Canadian’s ability to pay their bills, manage unexpected expenses, and absorb interest rate fluctuations, as well as measuring people’s attitudes regarding their consumer debt.
The index found that 24 per cent of B.C. residents are worried about tariffs, trade disputes, or wider economic instability negatively affecting their job or income. For working British Columbians, 31 per cent are concerned about this.
It also found that 20 per cent are concerned about AI’s impact on their careers, and 12 per cent are worried AI will make some of their skills less valuable.
Further, 28 per cent of British Columbians reported that they are anxious about having challenges finding a new job that would offer similar pay and benefits.
Linda Paul, a Licensed Insolvency Trustee with MNP LTD in the Lower Mainland, pointed out that this career uncertainty is happening at a time when many British Columbians are already stressed out with their debt.
“Carrying debt can feel much more precarious for British Columbians when there is uncertainty about whether they could replace their income if their job situation changed,” said Paul in a release.
“A job loss, fewer hours, or a change in pay can quickly alter what a household can afford — particularly when there is limited room in the budget to absorb those impacts.”
Nearly four in 10 British Columbians reported being $200 or less away from financial insolvency each month. Thirty per cent also said they “are not confident in their ability to cope with loss of employment or changes in wage or seasonal work without increasing their debt.”
B.C. residents are taking on side hustles
The index found that 49 per cent of British Columbians are trying to earn extra money. Twenty-one per cent are doing so by trying to sell things online via Facebook Marketplace, eBay, or Etsy.
Meanwhile, 11 per cent have found ways to make money with a hobby, skill, or passion project; 11 per cent have taken on freelance or contract work; and seven per cent have picked up a second job. A total of 13 per cent have learned new skills to help them improve future job prospects.
“Many British Columbians are looking for additional ways to bring in income while also considering how technologies like AI could affect their future opportunities as the ways people work continue to evolve,” said Paul.
“However, there is an important distinction between earning extra money to get ahead and depending on it to keep up. It may be worth looking at whether the overall debt load is actually manageable on their regular income if someone is taking on more work but their debt balances are not coming down.”