New TransUnion Study Challenges Credit Myths About Canadian Gig Workers
- Six in ten (63%) Canadian gig workers surveyed report using gig work to supplement existing full-time employment income
- According to survey responses, most gig workers demonstrate responsible credit behaviour and meet their payment obligations without difficulty and have comparable credit profiles that broadly align with those in the general population
- Gig workers express greater appetite for new credit products, but experience more difficulties when applying
TORONTO, May 26, 2026 (GLOBE NEWSWIRE) -- A new study, The Gig Economy in Canada: Rethinking Credit Risk, Inclusion, and Market Opportunity, by TransUnion (NYSE:TU) highlights the growing importance of gig workers, who represent approximately 11%* of Canada's workforce. Despite their increasing role in household income and the broader economy, existing credit assessment approaches do not always fully account for gig workers' full financial profiles, pointing to a disconnect between perception and reality.
The study to be presented at TransUnion's 2026 Canada Financial Services Summit, finds that gig work plays a meaningful and often complementary role in household income, with six in ten (63%) gig workers also earning a salary or hourly wage from full-time employment and nearly four in ten (39%) netting between $1,000 and more than $4,000 per month after expenses from their gig work. While the largest share is Millennials (34%), there are also significant shares that are Gen X (27%) and Gen Z (17%).
The gig economy refers to short-term, task-based or project-based work arrangements, often facilitated by digital platforms or apps.*
"Gig workers are a material and growing borrower segment who may be perceived as having riskier, volatile income trends and inconsistent payment behaviours," said Matt Fabian, senior director of research and consulting for Canada at TransUnion. "They may face significantly higher friction, such as higher interest rates, lower credit limits, and process complexity during credit applications as gig income may often be excluded from formal assessments – but our findings show that perceptions about these consumers may be misplaced."
Gig Workers Are Not Uniformly High Risk
The study indicates that gig workers' credit profiles are broadly aligned with the overall market, with a substantial share in stronger risk tiers.
Among surveyed gig workers, 68% are in prime and above credit risk tiers,** compared to 73% of the general credit-active population. While the majority of gig workers (64%) report meeting their payment obligations without difficulty, a higher share also report payment challenges (36% of gig workers vs. 22% general population), suggesting somewhat higher financial strain for certain segments. Overall, the findings point to the importance of more tailored assessment approaches that reflect the individual profile rather than employment type alone.
Chart 1: Canada Gig Workers' Credit Repayment Behaviour Compared to All in Canada
Source: TransUnion Gig Economy Survey Canada 2026
TransUnion Consumer Pulse Study Q1 2026
Gig Workers' Appetite for Credit Exceeds the Broader Market, Despite Application Challenges
Gig workers report strong demand for credit, with 35% applying for new credit or refinancing in the past six months and 36% planning to do so in the next 12 months, compared to 22% of all credit-active consumers who have similar plans.
They also exhibit broadly similar participation rates across traditional credit products: 31% hold lines of credit (compared to 38% of the general population) and 22% have auto loans (compared to 23% of the general population). However, gig workers have higher participation in other areas, particularly mortgages (34% of gig workers vs. 29% of general population) and personal loans (22% of gig workers vs. 11% of general population). This higher participation in mortgages and personal loans may reflect the role of gig income in supporting major financial commitments, such as home ownership, as well as helping to manage cash flow needs in the face of income variability.
Chart 2: Credit Products Held by Gig Workers, Compared to Total Population
Source: TransUnion Gig Economy Survey Canada 2026
TransUnion Canada consumer credit database
However, nearly half of gig workers report experiencing challenges when applying for credit. Across generations, reported difficulty rates show:
- Gen Z: 57%
- Millennials: 47%
- Gen X: 63%
- Baby Boomers: 38%
Their challenges are driven by both process and documentation barriers:
- 46% cite complex application processes
- 44% cite unfavourable pricing or terms
- 44% say income variability raised questions or led to rejection
- 24% could not provide standard documentation such as pay slips
"While gig workers show strong demand for credit products, the study suggests that many are not served to their full potential by lenders. This is despite the fact that a large share of gig workers already hold credit products and appear to have good risk scores that tend to be broadly in line with the performance of the general population of credit-active consumers," said Fabian.
Gig Work Is Becoming a Durable Income Component
Gig work is evolving from a temporary solution into a sustained part of household income and financial planning, underscoring the need for lenders to better reflect this income source in credit risk and inclusion strategies.
- 71% of gig workers do not plan to leave this type of work in the near term
- 34% expect to maintain current hours, while 20% plan to increase participation
"As gig work has become an ongoing supplementary income source for many, the wider credit industry has an opportunity to rethink how these consumers are evaluated and to broaden credit inclusion by refining how non-traditional income is assessed within existing risk and process frameworks. Adapting to consumers' evolving profiles by including alternative data, for example, could better meet the needs of more Canadian consumers while driving sustainable, long-term growth for lenders," said Fabian.
*Source: Statistics Canada, Defining and measuring the gig economy using survey data, March 4, 2024 Reproduced and distributed on an "as is" basis with the permission of Statistics Canada.
About the Study
Conducted in March 2026 among 500 gig workers, the study explores the scale and economic role of gig workers in Canada and highlights potential opportunities for lenders to engage this growing segment. The data presented is derived from respondents' self-reported information and has not been subject to independent verification.
Generations are defined as follows: Gen Z, born 1995–2004; Millennials, born 1980–1994; Gen X, born 1965–1979; and Baby Boomers, born 1944–1964
**CreditVision® risk score: Subprime = 300-639; Near prime = 640-719; Prime = 720-759; Prime plus = 760-799; Super prime = 800+
| Contact | Manahil Munim |
| Manahil.Munim@edelmansmithfield.com | |
| Telephone | (416) 676-1390 |
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ca4c790-346c-4df2-972c-2ed185afc015
https://www.globenewswire.com/NewsRoom/AttachmentNg/d597ca88-db72-4063-b2f7-fbd56427ac88
