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The self-employed reveal what it's like to work for themselves

POSTED: 21st February 2017
IN: General
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In association with YouGov* we recently conducted some research to find out how many Brits would like to work for themselves – and how those who already are self-employed are feeling. We found that overall those who work for themselves are positive about the benefits of being their own boss even though there are some challenges.

93% of those of those who took part in our survey said they enjoy being their own boss and 82% feel in control of their destiny. The challenges they identified include irregular income, not knowing when their next job is coming in, and late payment by clients which can make budgeting tricky. 

They were also very aware that they were missing out on the perks some employers may provide like childcare vouchers, paid holidays, or employer pension contributions.  So if they want those benefits they have to pay for them out of their own pocket.   We also found that when it comes to mortgages 30% of self-employed home owners believe the mortgage application process they went through was biased against them. And 63% of those who had experienced difficulty securing a mortgage said it was because it was hard  to find a lender who understood the needs of those who works for themselves.

Despite these challenges, the self-employed feel much more positive about working for themselves because of the independence they get from being their own boss. 

4 million of us dream of working for ourselves

If you’re feeling inspired by the sense of freedom and control and you’re already imagining setting up on your own, you’re not alone.  Despite the fact that they’ll be giving up the security of a regular job a massive 4 million Brits aspire to be self-employed. That’s one in seven of the working population!

 12% of those who want to become self-employed are hoping to make the lifestyle change in the next 6 months. Among  Millennials, 48% of 25-35 year olds are motivated to work for themselves as they think they’ll be able to earn more, and of  those currently employed, 35% said the reason they’d like to become self-employed is because they want to make a lifestyle change and improve their work-life balance. 

We celebrate the self-employed

At Aldermore, we believe that working for yourself is something to celebrate.  We know it can be tough at times and that’s why we’re here to help.   If you’re looking to build up a ‘rainy day’ fund or you want a mortgage with flexibility from a lender experienced in offering mortgages for the self-employed, then why not find out how we can help you.

*You can read a full summary of Aldermore’s research here. All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 2088 adults (of which 1079 were employees). Fieldwork was undertaken online between 24th - 25th January 2017 and 26th - 29th January 2017. The figures have been weighted and are representative of all GB adults (aged 18+).

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