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Almost half of millennials and generation Z are considering getting a ‘side hustle‘ to reach their financial goals, according to a new study by Capital One Canada.

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The study, which surveyed more than 1,000 Canadians, found that 36 per cent of those in the same cohort (aged 18 to 44) already have a secondary source of income.

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“Our research shows that Gen Z adults are 10 per cent more likely to have a side hustle than their millennial or Gen X counterparts,” Becca Mintz, vice-president at Capital One Canada, said in a press release.  “For around a third of these young self-starters, access to credit was crucial in getting their business venture up and going.”

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The results suggest that younger Canadians may be moving away from the traditional single-income model, with 61 per cent of those who have a side hustle indicating that they see it as a long-term commitment to meet their financial needs.

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Almost all of them said earning more money, rather than pursuing a passion, is what motivated them to get the side gig, and almost half said they would be stressed about their finances without the additional income, including those who already earn more than $100,000 from their primary job.

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Fifty-nine per cent said the extra income helps them build savings for the future, while 55 per cent said it goes towards non-negotiable needs.

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The extra money doesn’t come without challenges, however. Just over half of those with a side hustle admitted that it’s more work than they anticipated and 46 per cent reported difficulty balancing the additional responsibilities with their primary job or school work. Some said the side hustle is already interfering or could interfere with their success at work or in school.

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That time commitment is also what’s stopping many younger Canadians from starting a side gig, with 59 per cent citing it as the main barrier.

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More than half of those who make between $1,000 and $3,000 per month said they dedicate 11 to 20 hours weekly to their side job. And 32 per cent of those who earn more than $3,000 per month said they typically work over 20 hours per week.

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