Canada’s gig economy is booming, but new data from Behind the Gig: Securian Canada Insights reveals that financial vulnerability is a significant issue for gig workers, many of whom are uninsured or underinsured. Conducted in partnership with the Angus Reid Institute, the report estimates that 22% of Canadians—approximately 7.3 million adults—are engaged in gig work, with more than half (57%) relying on it to supplement their primary income.
Nigel Branker
“The gig economy is vast and diverse, reflecting a wide range of opportunities for Canadians,” said Nigel Branker, CEO of Securian Canada. “But this data highlights a troubling reality: gig workers are often in precarious financial situations, raising serious concerns about their long-term stability.”
Economic Necessity Driving Gig Work
While some gig workers view their roles as a hobby or passion project, the majority turn to this work out of necessity. Rising costs of living were cited as the primary driver, with 31% of gig workers identifying it as their main reason for taking on additional employment. On average, gig work accounts for 15% of a worker’s total income.
Notably, nearly three-quarters (73%) of gig workers already have full- or part-time jobs outside of their gig work, reflecting the financial pressures many Canadians face.
Gig workers are engaged in a variety of roles, including specialized services like photography and consulting (30%), online commerce (25%), and freelance digital services such as graphic design and tutoring (21%).
Insurance Gaps Compound Financial Risk
The research also underscores a significant insurance gap among gig workers. Nearly one-fifth (18%) reported being uninsured, and this figure rises dramatically among those whose sole income comes from gig work—50% of these individuals lack insurance entirely.
For those with coverage, 57% rely on insurance provided by someone else, leaving their financial security largely outside their control. This lack of direct access to insurance is particularly concerning given the unpredictable nature of gig income.
“The economic climate in Canada is challenging for everyone, but gig workers are especially vulnerable,” Branker added. “Insurance can be a financial lifeline, but barriers like access and affordability need to be addressed to support this vital segment of the workforce.”
Recognizing the Value of Protection
Despite the low adoption rates, gig workers understand the importance of insurance. Among uninsured workers, 86% believe insurance is necessary, and 78% see its value. For those with coverage, protecting family members and safeguarding against costly expenses are the top priorities.
Securian Canada is committed to addressing these challenges with digital-first solutions designed to meet gig workers where they are. “The gig economy is here to stay,” Branker said. “We’re focused on developing innovative products to help provide financial security and peace of mind for all Canadians.”
The Behind the Gig report is based on surveys conducted by Securian Canada in June 2024, with representative samples of 1,515 Canadians and 505 gig workers.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.
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