Self-employed people in the UK have higher job satisfaction than full-time employees, according to a report by think-tank, Bright Blue.

According to the Standing Alone? report, 80% of the UK’s self-employed, even those in a ‘low income’ household, are “overwhelmingly satisfied” with their job and their working life –  compared to 74% of full-time employees on comparable incomes.

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David Kirkby, author of the report, commented: “Self-employment is on the rise. It has been for some decades now. More recently, increased self-employment has helped to drive the UK’s current record employment levels. It has been forecast that the number of individuals who are self-employed will soon overtake the number of individuals working in the public sector.”

The self-employed individuals who took part in the survey revealed their ambitions for the future. Three quarters said their goal was to sustain a good standard of living; and 13% aim to grow their business to be as large as possible.

Their reasons for entering self-employment were primarily positive. More flexibility was the most common motivation (46%), followed by wanting to run one’s own business (39%) and more fulfilment (34%).

The report also revealed the top challenges for self-employment:

  • Income fluctuations (55%)
  • Lack of holiday pay (37%)
  • Long-term saving (36%)
  • Lack of sick pay (31%)
  • Late payment (22%)

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It was also revealed that 48% of respondents spend an hour or more per week chasing payments, while 17% spend over two hours per week.

If you find yourself losing precious time that could be spent growing your business and finding new contracts, then let ICS help. Having an accountant who specialises in freelancer accounting can really help to lift the burden and will give you the time to focus on tasks that will help you reach your business goals. At ICS, we also offer inclusive access to FreeAgent, a stress-free online bookkeeping and accounting solution which is really easy to use. If you would like to find out more about how ICS can help, contact us to talk to a friendly member of the team. You can also follow us on Facebook and Twitter for all the latest news.