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Freelancers optimistic about the economy

Despite uncertainty about the future of the country in the aftermath of May’s general election, there is an overwhelming air of optimism about both the economy and the prospects for business in general amongst the freelance community. The new research which shows this increased comes on the heels of a dip in confidence in the […]

By Alex Graham on 23 Apr 2015
Read time: 2 minutes

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Despite uncertainty about the future of the country in the aftermath of May’s general election, there is an overwhelming air of optimism about both the economy and the prospects for business in general amongst the freelance community. The new research which shows this increased comes on the heels of a dip in confidence in the final quarter of 2014.

The study shows that the business confidence for the coming quarter has taken a sharp upturn amongst freelancers, with a rise from 3.95 to 9.42. The index of economic confidence has shown an even steeper increase – it was at just 5.7 toward the end of the final quarter of last year but had risen to 16.48 in the first quarter of 2015.

The research was conducted by the Association of Independent Professionals and the Self Employed in collaboration with one of the country’s top freelancing job sites, Elance-oDesk. Their research concluded that this is a result of increased in the rates of pay for freelancers which has been apparent over the previous 12 months, and this is reflected in the increasing optimism about the state of the economy and the prospects for those who work for themselves.

There has been a 1 per cent increase in day rates amongst freelancers between the final quarter of last year and the first of this year, representing a rise in the average pay rate from around £525 to £531. Although a 1 per cent increase might not seem that much in terms of percentages, but taken as part of a general trend which has seen rates rise by 5.6 per cent over the previous twelve months. Although this may have been going on for a year, most freelancers are realistic about the prospects of any further increases with most believing that rates will level out and become steadier in the coming months.

The head of research at IPSE, Suneeta Johal, has welcomed the news that business confidence is up and that freelancers are feeling more positive about the state of the economy. She also highlighted the fact that the number of days that freelancers are actually working for their clients, which contributes significantly to the fact that freelancers are earning more than their employed counterparts.

The quarterly earnings of freelancers are around £30,000 on average, which is approximately 20 per cent more than employees can expect to earn in a year. The research was conducted amongst 1,000 UK freelancers who are signed up to either Elance or IPSE, proving that there are plenty of freelancers who are making the most of their improved prospects.

If you are a freelancer who is keen to take advantage of the increase in rates and optimism, then using a specialist freelancer accountant can help you take advantage of the savings and benefits available to you. For more information on how we could help you save time and money, give us a call today on 01253 362062 or email us at contractoradvice@nixonwilliams.com.

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