Although Millennials report flexibility and work-life balance as benefits with working gig jobs, 87% of them say they’re concerned about this type of employment. One top concern expressed by Millennials is the lack of health and dental benefits. Furthermore, the survey also found that eight in ten (79%) Millennials who work, or have previously worked, a gig job consider life insurance to be an important benefit, but only 16% receive it through their gig job. As the workplace landscape continues to change, Canadians’ attitudes will need to adapt to help them thrive both professionally and financially.

“Gig jobs may not offer the protections and benefits that full-time employment does, and because of this, gig workers may assume higher levels of financial risk,” says Mark Hardy, AVP, Direct Life & Health, TD Insurance. “For example, Millennials may not commit to buying their own life insurance policy because they think they are too young. But, they should consider that it’s not just about a death benefit protecting loved ones; life insurance is also an integral part of a comprehensive financial plan. It’s important to know that the younger you are when you buy life insurance, the less you will likely pay for your coverage and your premiums will not increase for the term you choose.”

Canadian Millennials also express concerns over lack of job security (61%), income volatility (41%), no paid vacation time (38%) and no pension (32%) when it comes to working gig jobs.

“Gig jobs provide Canadians more flexibility because they can work where they want, when they want and how they want,” says Hardy. “While these benefits may appeal to Canada’s large Millennial workforce, it’s important to acknowledge and plan for the instability that can come with gig jobs. For the Gig Generation, needs and risks can change on a month-by-month basis, so it is important to prepare and protect yourself, your financial health and any dependents from the unexpected.”

For those who have, or are considering, a gig job, TD offers the following tips on ways to help navigate some of these challenges: