Self-employed workers earn £5,000 more than average UK salary

New research has revealed that the self-employed actually work 10 hours less a week than regular employees, and have greater ‘life satisfaction’

UK self-employed workers earn an average salary of £33,000, £5,000 more than the UK average, according to a new report by Intuit QuickBooks.

The ‘Definitive Study of the Self-Employed’, a survey of 5,010 independent workers, has revealed that 66% of respondents claim to be financially better off now that they work for themselves.

Not just limited to money, 65% also said they now have greater ‘life satisfaction’ and work just 27 hours a week, compared to the average UK worker who puts down 37.

Not just a young person’s game, those over 65 currently take home an average salary of £40,000 – and work six hours less than their younger counterparts.

When quizzed about their reasons for starting up and going it alone, control of schedule (77%) ranked highest for those surveyed, with more flexibility (68%) being one’s own boss (65%) and lack of workplace politics (47%) also referenced.

When divided by gender, female respondents want to work on their own terms (72%) and to pursue their passions (41%) more than their male counterparts (31%), while men want to be their own boss (67%) more often than women (63%).

Dominic Allon, vice president and managing director, Intuit Europe, said:

“People are becoming self-employed in droves. The financial rewards, extra time available and better quality of life are the headline benefits of a career and lifestyle choice that is changing the face of the UK’s workforce. With more and more opportunities becoming available, all enabled by better tech and infrastructure, it’s a trend we expect to increase at pace.

“To truly make the most of the financial gains, time savings and the happiness being self-employed can bring, individuals must stay laser focused on their finances. No longer backed by the experienced finance teams and processes that exist within most businesses of all sizes, individuals can have the benefits of going self-employed undermined on tax deadline day when not enough has been put aside or if there’s not a clear divide between business and personal finances.”

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