SJD Accountancy

More proof that the contracting life has huge appeal in the UK

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Newly published research from specialist lender and savings bank Aldermore has supported last week’s findings from the Scottish Widows Centre for the Modern Family survey – both pieces of research confirming that UK workers are huge fans of the contracting lifestyle, or are seriously considering taking the plunge.

This new report was based on a survey of 2,088 people in the UK, of which 1,079 were employees, and was carried out by YouGov. It found that that 15% of people – equivalent to four million British workers – are aiming to work for themselves at some point in the future, while 22% said that becoming self-employed had always been an ambition.

Of the 15% who said they were planning to go self-employed at some point, 12% of these said they intended to do so in the next six months if possible – so it’s clear that 2017 is really proving to be the year that people start to reconsider their life choices when it comes to how they work. Others however – around 25% – said it might take five years or more.

Having said that, a quarter of all those surveyed said they would only make the move to a contracting or freelancing lifestyle if they were made redundant, and 20% said they would only do so if they became unhappy in their current permanent role. Both of which are proven reasons which happy self-employed Brits have stated was the original factor behind their initial move into contracting.

Looking at reasons why people would choose to go contracting, 37% of all those surveyed said it was all about earning a higher rate of pay. But when you look at just the 25 to 34 year olds, that percentage leaps to almost half – 48%. Better work life balance was also one of the highest scored reasons, with over a third – 35% – of people citing this as a key reason.

Focusing specifically on respondents who were already contracting, a huge 93% said they enjoyed working for themselves, and 83% said they left that they were very much in control of their own future.

Commenting on the findings, Aldermore’s Group Managing Director for Mortgages Charles Haresnape said, “Taking the step to become self-employed is a brave and bold decision and we love the fact that in the UK more and more people are doing so.”

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