Income Volatility Report

Some key findings from Financial Post article:

  • “About 3.3 million Canadians say they are dealing with income volatility to the extent their monthly income can fluctuate by 25 per cent or more, according to a study commissioned by the Toronto-Dominion Bank.”
  • “The online survey, which was conducted by Ipsos Canada from April 13-23, 2017, using a representative, national sample of 3,000 Canadians, 18 years or older, defined income volatility “as income that is inconsistent (not received on a regular and predictable basis), unstable (amount varies each time it is received), and that fluctuates month to month by a significant percentage.” It is considered accurate 19 times out of 20, plus or minus two percentage points.”
  • “The survey found 37 per cent of adult Canadians — about 10 million — maintain they experienced moderate to high levels of income volatility over the past year.”
  • “The study shows income volatility is more likely to be experienced by part-time, self-employed, seasonal workers and the unemployed. The top three causes of fluctuation in month-to-month income were irregular hourly pay (28 per cent), multiple sources of variable income (19 per cent) and self-employment (18 per cent).”