Almost half of Albertans turning to side hustles amid job security fears

Nearly half of Albertans are chasing side hustles to shore up their finances, a new survey shows — and the reason isn't debt. It's job insecurity.

An Ipsos survey conducted for MNP Ltd between September 1 and 8 found 49% of Albertans have tried to earn additional income through selling goods online, learning new skills, taking second jobs, monetizing hobbies, or freelance work. Alberta has the highest proportion of any province attempting this.

The deeper problem: nearly three in five Albertans lack enough savings to support themselves or their families for six months if they lost their jobs without borrowing or falling behind on bills — again, the highest rate in Canada. And 47% are on the brink of insolvency, meaning they're $200 or less away from being unable to cover monthly bills, also the worst in the country.

"The bottom line, really, for Alberta is the story isn't about debt simply. It's about that employment insecurity, that inability to absorb any of the income disruptions that people can go through," Sandra Landry, senior vice-president with MNP, said on Monday. "Albertans feel trapped in the jobs that they have."

Sixty-one per cent of working Albertans worry about job mobility and opportunities — the highest share among provinces. And 41% are concerned AI could hurt their employment or income. Andrew McGee, an associate professor in the department of economics at the University of Alberta who studies the gig economy, noted the shift is real: "We think of the gig economy as just being kind of like Uber and ride-share and delivery drivers, but actually it's pretty robust. There's a lot going on out there."

Vincent Gamboa, a MacEwan University student pursuing an arts degree, is already working as a coach to build a financial cushion. "Honestly, with AI, it's kind of scary to me," he said. Even Arvin Buensalida, a MacEwan nursing student, is considering picking up a second job after graduating despite thinking it less likely nurses will be replaced by AI.

This is happening even as Alberta enjoys economic growth — a sign that provincial prosperity hasn't reached all workers.