Financial Wellbeing

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The coronavirus pandemic has had a profound impact not only on people’s health but also on their incomes, savings and overall financial circumstances. Although there have been a number of support measures introduced by the government, many self-employed people have been left with little or no support.

Even before the pandemic self-employed people were more exposed to financial worries due to a range of issues including fluctuating incomes, late payments and access to financial products. There is also growing concern that financial policies and services are out of touch with the realities of the modern labour market and potentially harming the financial wellbeing of the self-employed.

To find out more about the key financial challenges of the sector and provide practical solutions, IPSE's research team has been conducting research over the last few years which you can find below.

Key statistics 
 

As a result of the pandemic over a quarter of freelancers have used up all or most of their savings.

of freelancers remain concerned about the financial impact of the pandemic.

 

Over three quarters of freelancers are concerned that sourcing a mortgage will be difficult because of their self-employed status.

A majority of self-employed people have experienced a delays in payment from a client.

 

Trying to buy a house?

Getting the self-employed on the property ladder

The self-employed have always been at a disadvantage when applying for mortgages, but the financial damage of the pandemic – which has particularly hit freelancers – has pushed the situation from bad to worse. This bespoke research by IPSE and CMME highlights some of the key issues self-employed people face when applying for a mortgage and explores some of the concerns that future homeowners have. It also identifies areas where there is a need for more support from governement and industry to help improve the situation. 

Read the report

To what extend have your finances been affected?

The Cost of Covid

To further understand the gaps in support and freelancers’ deteriorating financial circumstances, IPSE and Starling Bank have collaborated on a dedicated piece of research examining their finances throughout the coronavirus pandemic. The following report focuses on some of the key factors impacting freelancers’ work-related and personal finances. These include their experiences with late payment and completing their tax returns before and since the beginning of the pandemic, as well as accessing financial support from both government and financial institutions over the course of the pandemic.

Read the report

 

Are you owed money?

Pay Up: How to end late payment for the self-empolyed

Late payment is a multibillion-pound problem for the UK economy and small businesses. 

As new research by IPSE shows, it also continues to be the scourge of the self-employed. The majority of those in self-employment experience it and our results show late payment threatens the future of freelancing, as younger self-employed people are particularly badly affected. Our new results also reveal that the problem of unpaid work is getting worse for freelancers.

Read the report

The path to prosperity

Read our Financial Wellbeing report

This piece of research by IPSE and Sherpa sheds light on the financial wellbeing of the self-employed and some of the measures that can ensure that self-employment is a sustainable, fulfilling and financially rewarding way of life. It examines the defining factors of financial wellbeing for the self-employed, the key financial challenges they face and sets out recommendations to alleviate any long-term financial concerns among them.

Read the report

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