Self-Employed Canadians Relying on Credit and Savings to Cover Expenses, Report Finds
A report by Alberta-based counselling agency Money Mentors reveals that more than half of self-employed Canadians use credit for everyday expenses, while 45 per cent have tapped into savings. The survey found that 51 per cent fell short on expenses at least once in the past year.
More than half of self-employed Canadians are using credit to cover their everyday expenses, according to a new report released by the Alberta-based counselling agency Money Mentors.
The findings indicate that 45 per cent of self-employed Canadians have had to dip into their savings to cover costs as they contend with income shortfalls.
The report is based on a survey of self-employed workers, gig-economy workers, and those with side hustles or other paid work across Canada.
According to the survey, 51 per cent of self-employed Canadians fell short on their expenses at least once in the past year. A further 23 per cent face an income shortfall most months or every month.