BC workers willing to trade financial security for more freedom

By Steve Randall

They provide less job security and variable income but jobs in the gig economy are becoming more popular with workers in BC.

A new report from Vancity shows that more of the province’s 18% of workers who are self-employed are choosing contract jobs and short-term ‘gigs’ due to the freedom and benefits to work-life balance.

“By choice or circumstance, British Columbians are turning to independent work and the trend isn’t slowing down,” says Eric Bulmash, Vancity manager of community business and investment. “People told us that while there are advantages, independent and gig work also create needs that must be addressed.”

The downside, especially for those that may want a mortgage, is the unstable nature of the gig economy.

More than 40% of those surveyed reported a net income last year of less than $25,000, while only 37% maintain sufficient savings in case of sickness, job loss or economic downturn.

Still, almost 70% of those surveyed for the report say they value work flexibility over making money and 80% say they are self-employed by choice and prefer it to regular full-time employment.

 

More Mortgage Guide