The growing number of people working in the ‘gig economy’ is fuelling fears of financial and employment insecurity.
A recent study by TD Insurance polled more than 6,000 Canadians including more half who work, have worked, or expect to work a gig job.
It found that this type of work is more likely for millennials with 73% saying they have or expect to work a gig job. While they like the flexibility and work-life balance of this type of work, 87% said they are concerned about the lack of benefits and security.
Almost two thirds said that they are concerned about the lack of job security in gig jobs and more than 4 in 10 are concerned about income instability.
This resonates with a 2017 TD Economics report that found that Canadians with unpredictable monthly incomes are more likely to experience financial challenges and stress and to lack confidence in their financial future..