The number of self-employed people in the financial service activities sector in Canada has exhibited fluctuating trends over the past decade. Starting at 23.63 thousand in 2013, the sector saw a decline through 2014 before rebounding in 2015. Numbers peaked in 2017 and 2019 with values of 25.28 and 25.35 thousand, respectively, before experiencing a significant drop in 2020, likely due to economic disruptions from the COVID-19 pandemic. From 2020 to 2022, the number continued to decline, stabilizing slightly in 2023 at 20.64 thousand. The compound annual growth rate (CAGR) from 2018 to 2023 stands at -3.91%.
Future projections from 2024 to 2028 indicate a stabilization in the number of self-employed individuals, with a minimal growth rate averaging 0.02% CAGR over the five-year forecast period, reaching 20.67 thousand by 2028.
Future trends to watch include:
- The impact of digital transformation and increased automation in financial services.
- Regulatory changes affecting self-employment in the sector.
- Shifts in market demand for financial consultancy and advisory roles post-pandemic.
