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Most freelancers have savings for in-between contracts

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A recent Professional Contractors Group (PCG) poll has revealed that when it comes to being in between contracts, most freelancers are well prepared in terms of having money put aside.

Having a gap at some point of your contracting career is inevitable, however, the latest PCG online survey has found that a large number of freelancers are prepared for this possibility.

The poll revealed that 50 per cent of respondents religiously put aside money from their income each month, so as to prepare for times where they may not have as much work on.

Less than four per cent of contractors rely on their business insurance to pay out, whereas 31 per cent claimed that they will simply dip into their savings should the unexpected happen.

The remaining 15 per cent said that they’re not too concerned about putting emergency money aside, saying that ‘if something bad happens it happens’…

Suneeta Johal, Research Manager at PCG, said, “The nature of freelancing means that even the most successful individuals might experience some time where they are not working. It’s encouraging that most make provision for this.

“It’s also important to remember that sometimes a bit of ‘downtime’ can be good to factor into your schedule if your finances and business allows. After all, when you are self-employed, it can be difficult to turn down work and take a break. Having that safety net there might make it that little bit easier to do so.”

Please visit our Contractor News page for all other news. To discuss this story further visit our SJD Accountancy Blog.

 

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