Despite a lower demand for their services, confidence and average earnings are both on the rise amongst UK freelancers.
According to the latest Freelancer Confidence Index, business confidence has reached a record high within the sector as freelancers typically earn 150 per cent more than their employed equivalents.
On the up and up
On a scale of -100 to +100, the quarterly report is currently ranking freelancers’ confidence in their business at an all-time high +11.8.
Meanwhile, confidence in the wider UK economy is also up around 25 per cent from the previous quarter.
Taking a closer look at pay, freelancers have every right to be feeling positive. Of those surveyed, earnings rose an impressive 11 per cent since Q1, whilst day rates continue to increase.
Some freelancers sampled have upped their day rates by a whopping 46 per cent since the last quarter alone – an indication of the self-assured nature of the nation’s freelancers.
The self-employed will also be buoyed to hear that they typically earn two and a half times as much as their employed equivalents, with certain professions earning almost three times as much.
Too much of a good thing…
Despite the plethora of positive statistics emerging, freelancers should proceed with a degree of caution.
Demand for freelance services has decreased throughout the year, and by six per cent since Q4 2014.
In addition to less available work, almost half of the surveyed expected a rise in business costs (largely due to travel), while labour market statistics reported a fall in self-employed workers by 131,000 in the months leading up to May 2015.
The latest results indicate a competitive, but lucrative market place for the UK freelancer. Looking to go it alone? Check out our top five freelancing tips – you’ll need to be prepared!
Are you a freelancer? Do these results reflect your situation? Let us know in the comments below.