Nearly half of B.C. residents are trying to earn extra income through side work

More than half of B.C. residents are worried about their career prospects, according to the latest MNP Consumer Debt Index. The quarterly survey, conducted by market research and polling company Ipsos, measures Canadians’ ability to pay bills, manage unexpected expenses and absorb interest rate fluctuations, as well as their views on consumer debt. It found that 53 per cent of B.C. residents are concerned about job mobility and career opportunities.

The index found that 24 per cent of B.C. residents worry that tariffs, trade disputes or broader economic instability could negatively affect their job or income. Among working British Columbians, that figure is 31 per cent. Another 20 per cent are concerned about AI’s impact on their careers, while 12 per cent worry it will make some of their skills less valuable. Twenty-eight per cent said they are anxious about finding a new job with similar pay and benefits.

Linda Paul, a licensed insolvency trustee with MNP Ltd. in the Lower Mainland, said career uncertainty is affecting people already stressed by debt. In a release, she said debt can feel more precarious when people are unsure whether they could replace their income if their job situation changed. Losing a job, working fewer hours or receiving a different wage can quickly change what a household can afford, particularly when there is little room in its budget to absorb the impact.

Nearly four in 10 British Columbians said they are $200 or less away from financial insolvency each month. Thirty per cent said they are not confident they could cope with job loss, changes in wages or seasonal work without taking on more debt.

The index found that 49 per cent of British Columbians are trying to earn extra money. Twenty-one per cent are trying to sell items online through Facebook Marketplace, eBay or Etsy. Another 11 per cent have found ways to make money from a hobby, skill or passion project, 11 per cent have taken on freelance or contract work, and seven per cent have picked up a second job. Thirteen per cent have learned new skills to improve their future job prospects.

Paul said many British Columbians are seeking additional income while considering how technologies such as AI could affect their future opportunities as work continues to evolve. She said there is a difference between earning extra money to get ahead and relying on it to keep up. If someone takes on more work but their debt balances are not falling, Paul said, they may want to consider whether their overall debt is manageable on their regular income.