Freelancers’ confidence wobble confirmed

The wobble in confidence among freelancers has showed up in a new study probing self-employed people’s forecasts for the year.

Aldermore found that although just under one third of people who freelance expect their income to grow, a near majority -- 48% -- say it will be static.

The bank’s finding chimes with the downbeat attitudes of freelancers polled last month by IPSE, which identified financial issues as the main drag on their optimism.

The Aldermore study confirms that cash is king among the self-employed’s concerns – whether they are aspiring and yet to go ‘it alone,’ or established and trading already.

In particular, 44% of would-be freelancers worry about not having a regular source of income, and almost as many (38%) are anxious about an irregular volume of work.

The concerns are valid; half of those already self-employed have experienced irregular income and 40% have had to deal with inconsistent cash flow, the bank found.

Other difficulties that self-employed people reported were the age-old ones -- late payments (affecting 37%), and lack of free time (an issue for a fifth).

Despite these challenges, 51% of those already self-employed have been able to earn more money than in their previous 9-to-5 job, and 93% said they “enjoy” being their own boss.

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