Cash not king for self-employed, study suggests

Cash does not have to be king for the self-employed when it comes to the best locations to work for yourself as a sole trader or freelancer, a study suggests.

In fact, despite freelancers in Sheffield taking home just £24, 791 -- less than the official average yearly salary of £28,200, the city still ranks inside the top 5 cities to be self-employed.

Compiled by Intuit QuickBooks, the study is based on the responses of more than 5,000 self-employed people, who were asked about their income, work hours, financial status, satisfaction, holidays, loans and expenses.

Significantly, although Sheffield freelancers command more than £10,000 less than their counterparts in the four more highly-ranked cities for self-employment, they have the highest ‘life satisfaction’ rating.

Specifically, 85% of them told Intuit that their “life satisfaction is the same or better than being a salaried worker,” beating even the UK’s top city for self-employment -- Southampton, where marginally fewer (83%) said the same.

Sheffield’s self-employed also beat London freelancers in terms of their satisfaction rating (84%), Brighton’s (81%) and Edinburgh’s (84%).

And despite being much lower down in the pay stakes, a bigger chunk of the self-employed in Sheffield than in London and Brighton feel that their financial status is better than that of a salaried employee.

The news for Sheffield will be a pick-up for the South Yorkshire city, following another study finding it to be the worst in the UK for micro-businesses such as freelancers to have their invoices paid on time.


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