New TransUnion Study Challenges Credit Myths About Canadian Gig Workers

A new study, The Gig Economy in Canada: Rethinking Credit Risk, Inclusion, and Market Opportunity, by TransUnion) 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.

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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.

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