The financial reward of escaping the shackles of 9-to-5 employment to ‘go it alone’ seems firmly intact, with a study showing that freelancers earn almost twice as much as employees.
In fact, according to outsourcing firm MarketStorm Global, the average freelancer earns £52,820 a year, compared with an annual salary of just £26,000 for the average full-time worker.
In certain sectors, a freelancer’s yearly take-home pay is even more – around £70,000 is the average in banking, followed by £63,000 for freelance marketing and public relations consultants.
But the firm’s study also found that a good income comes at a cost. About 40% of freelancers put in more than 41 hours a week; 15% work at least 51 hours a week and one in four takes no annual holiday.
“Freelance workers really get what they deserve,” reflected entrepreneur Gavin Walsh, boss of MarketStorm Global. “Many freelancers work very hard. By using their time effectively, they can easily earn a very good income.”
The findings evidence his comments: 70% of all freelancers earn more than
the average salary in Britain but, out of those freelancers able to take an
annual holiday, almost half continue working while they are away, in line with previous research.