But side hustles can lead to burnout, stress
If it feels like everyone is hustling even after a long day at work, it’s because a majority of Canadians are, according to a recent report.
Overall, 53.4% of workers in Canada have a side hustle by selling goods through e-commerce, reports marketing firm Omnisend, based on a survey of 4,000 respondents.
The number of those hustling after work is even higher among workers in the United Kingdom (72%) and Australia (59.3%), and is lower among workers in the United States (51.9%).
But that’s not the only way side hustles are earning money outside of employment.
Source: omnisend
More than one in five (22%) Canadians are participating in gig work of various kinds across the country. That equates to about 7.3 million adults finding work outside of regular employment, according to a previous report from Securian Canada.
Here’s what’s driving the side hustle increase, according to Omnisend:
- Extra income: 83.6% (US), 83.5% (UK), 87.1% (Canada), 88.4% (Australia)
- Passion project: 19.8% (US), 23.7% (UK), 25.7% (Canada), 28% (Australia)
- Skill development: 20.2% (US), 23.3% (UK), 18.6% (Canada), 15.8% (Australia)
And most workers are earning at least $500 per month from their side hustle:
Source: omnisned
Financial stress is a growing problem in Canada, according to a recent report. Currently, over two in five (41%) of Canadians belong to the financially stressed cluster, reports the National Payroll Institute. That number is up from 37% in 2023.
When it comes to taking the side hustle full time, 49.9% of Canadians would do so, compared to 58% in the U.S. and 44.3% in Australia. On the other hand, 38.4% of Canadians would prefer it as a side gig, compared to 28.4% of Americans and 35.3% of Australians.
What are some challenges people face with their side hustle?
Maintaining a side hustle is not easy, and these are the challenges that these people face, according to Omnisend’s study:
- Time management: 49% (US), 51.4% (UK), 48.6% (Canada), 58% (Australia)
- Competition: 30.6% (US), 34.1% (UK), 32.8% (Canada), 29.3% (Australia)
- Marketing difficulties: 21.5% (US), 25.3% (UK), 23.3% (Canada), 21.3% (Australia)
But not everyone can deal with the challenges, as these things can have an impact on their lives. For those who quit their side hustle, these are their reasons:
- Burnout/stress: 20% (US), 17.5% (UK), 16.5% (Canada), 16.7% (Australia)
- Not earning enough: 19.1% (US), 14.5% (UK), 22.7% (Canada), 15% (Australia)
- Personal life changes: 17.7% (US), 10.2% (UK), 15% (Canada), 12.7% (Australia)
Previously, an expert at Deloitte told Canadian HR Reporter that few large employers are using the gig economy, but they should seriously consider getting involved with it.