Financial Wellbeing for Gig & Contract Workers: What Employers Need to Know

Key Takeaways

• The gig economy in Canada is booming: Over one-third of Canadian workers are now gig or contract workers, highlighting the need for financial wellness solutions tailored to this group.
• Gig workers face unique challenges: Irregular income, lack of benefits, and limited cash flow options make it difficult for them to achieve financial stability.
• Employers can make a difference: Offering flexible pay options, financial education, and benefit platforms can reduce financial stress and improve retention.
• Regulatory compliance is crucial: Canadian provinces are introducing legislation to improve gig worker protections, requiring employers to stay ahead of compliance.
• Swift Wellness provides solutions: With paycheque advances and tailored financial tools, employers can empower gig workers and improve workplace outcomes.

The Gig Economy’s Impact on Financial Wellness 

The Canadian workforce is changing. By 2025, more than 37% of Canadian workers are part of the gig economy, including freelancers, contractors, and on-demand workers.

This evolution has been driven by platforms like Uber, DoorDash, and Upwork, offering workers flexibility and independence. However, this flexibility comes at a cost.

Gig and contract workers often face unpredictable income, lack of access to traditional benefits, and challenges in managing financial stability.

These issues aren’t just personal—they directly impact employers who rely on gig workers. Financial stress leads to decreased productivity, higher turnover, and lower engagement.

For employers, addressing financial wellness is no longer optional—it’s a necessity. By offering tailored solutions, such as paycheque advances and financial education, businesses can boost worker satisfaction, retention, and productivity.

This article explores the challenges gig workers face, why financial wellness matters, and actionable steps employers can take to support this vital workforce.

The Rise of the Gig Economy in Canada 

The gig economy has experienced explosive growth in Canada over the past decade. According to Statistics Canada, gig workers now make up 37% of the workforce, a significant increase from 28% in 2019. This shift has been driven by:

• Growing demand for flexible work arrangements.
• The rise of digital platforms like Uber, Instacart, and Fiverr.
• Economic shifts caused by the COVID-19 pandemic.

Growth of the Gig Economy in Canada (2015–2025)

While the gig economy offers flexibility, it also creates financial instability. Many gig workers operate without the safety nets of traditional employment, such as health insurance, retirement savings, or paid leave.

This financial insecurity often leads to stress, impacting workers’ performance and long-term wellbeing.

As gig work becomes a dominant force in Canada’s labor market, employers must adapt.

Offering financial wellness solutions is one way to attract and retain top talent in this rapidly growing sector.

Financial Challenges Faced by Gig and Contract Workers 

Gig and contract workers face distinct financial challenges that set them apart from traditional employees. Below are some of the most pressing issues:

1. Irregular Income

With no guaranteed salary, gig workers often experience fluctuating income streams. For example, a rideshare driver may earn 1,000oneweekand400 the next, depending on demand. This unpredictability makes budgeting and saving nearly impossible and leaves workers vulnerable to financial emergencies.

2. Lack of Employer-Sponsored Benefits

Unlike traditional employees, gig workers rarely receive benefits like health insurance, retirement savings plans, or paid vacation. A 2024 survey by the Canadian Freelancers Union found that 78% of gig workers lack access to employer-provided benefits, leaving them financially unprotected during health crises or life changes.

3. Limited Cash Flow Options

Without steady income, many gig workers struggle to access affordable credit. Traditional banks may reject loan applications due to irregular earnings, forcing gig workers to turn to payday loans with interest rates exceeding 400% annually.

4. Rising Costs of Living

As housing prices and inflation continue to rise in cities like Toronto and Vancouver, gig workers face mounting financial pressure. Nearly 60% of Canadian gig workers surveyed in 2024 said they were living paycheck to paycheck.

The Financial Struggles of Gig Workers

These challenges don’t just affect workers—they also impact employers. Financially stressed workers are more likely to experience reduced productivity, absenteeism, and higher turnover rates.

Why Financial Wellness Matters for Gig Workers 

Financial wellness isn’t just about money—it’s about reducing stress, improving productivity, and fostering loyalty. For gig workers, financial wellness can be transformative.

1. Reducing Financial Stress

Financial stress has a direct impact on mental and physical health. A 2024 study by the Canadian Mental Health Association found that 67% of workers experiencing financial stress reported lower productivity. Employers who address this stress can enhance worker focus and performance.

2. Improving Retention

Gig workers are often seen as transient, but financial wellness programs can build loyalty. In fact, 45% of gig workers said they would stay with an employer who offered tools like paycheque advances, according to a 2023 survey.

3. Enhancing Employer Branding

Companies that prioritize worker wellbeing gain a competitive edge in attracting talent. A 2025 Deloitte study found that businesses with strong financial wellness programs were 2x more likely to attract top-tier gig workers.

4. Complying with New Regulations

Provinces like Ontario and British Columbia are introducing laws to protect gig workers, including fair pay policies and access to benefits. By implementing financial wellness solutions, employers can stay ahead of compliance requirements.

Investing in gig worker financial wellness isn’t just the right thing to do—it’s a smart business strategy that improves productivity, retention, and worker satisfaction.

How Employers Can Support Financial Wellness for Gig Workers 

Supporting the financial wellbeing of gig workers requires innovative and tailored solutions. Below are actionable strategies employers can implement:

1. Flexible Pay Options

Paycheque advance services, like those offered by Swift Wellness, let gig workers access their earned wages before payday. This prevents reliance on payday loans and helps workers manage cash flow effectively.

2. Financial Education

Provide workshops or online resources that teach gig workers how to budget, save, and manage debt. Tailored content for workers with irregular income can address their unique challenges.

3. Benefit Platforms

Partner with providers to offer gig workers access to benefits like health insurance, retirement savings plans, or emergency funds at discounted rates.

4. Transparent Payment Systems

Ensure workers are paid promptly and clearly explain all deductions and fees. A streamlined system builds trust and reduces financial anxiety.

5. Technology Solutions

Leverage apps and platforms to provide real-time pay tracking, financial tips, and instant access to earnings. Tools like Swift Wellness simplify financial wellness for both workers and employers.

Actionable Tips: How Employers Can Get Started 

Here’s how employers can start supporting the financial wellbeing of gig workers:

• Assess Worker Needs:

• Survey your gig workforce to identify financial pain points.
• Use this data to tailor your financial wellness offerings.

• Partner with Financial Wellness Providers:

• Collaborate with companies like Swift Wellness to provide paycheque advances and financial tools.
• Look for customizable solutions that meet gig workers' unique needs.

• Educate Workers:

• Host webinars or create guides on budgeting and saving.
• Offer resources specifically designed for workers with irregular income.

• Streamline Payments:

• Offer weekly or biweekly payment options instead of monthly pay schedules.
• Ensure payments are reliable and timely.

• Leverage Technology:

• Utilize platforms that automate financial wellness services, such as real-time pay tracking and early access to paycheques.

By taking these steps, employers can create a more supportive environment for gig workers, leading to higher retention and productivity.

Conclusion

The gig economy is transforming Canada’s workforce, but it comes with significant financial challenges for workers.

Irregular income, lack of benefits, and rising living costs leave gig workers vulnerable to financial stress—negatively impacting their productivity and loyalty.

Employers who rely on gig workers must step up by addressing financial wellness. From offering paycheque advances to providing financial education and streamlined payment systems, there are numerous ways to support gig workers while improving workplace outcomes.

Swift Wellness is at the forefront of this transformation, offering tailored solutions that empower gig workers with faster access to earned income.

By partnering with Swift Wellness, employers can ensure their workforce remains engaged, productive, and satisfied.

Ready to support your gig workforce? Contact Swift Wellness today to learn how we can help you implement financial wellness solutions that make a difference.