Freelancers expected to boost UK’s economic growth

A study from Instant Offices has shown that women and millennials have helped to boost the UK’s freelance economy over the past decade.  

Key demographics show that the number of female freelancers has increased by 55% since 2008, with new mothers contributing to the rise as they search for more flexible job roles.

Growth

The data showed that the number of new mothers taking up freelance work has risen by 79% since 2008, compared to just 36% for men over the same period.

Young adults who were born in the 1980s and 1990s are also helping to drive growth in the UK’s freelance economy, with the number of people aged 26-29 who are taking on freelance roles rising by 66% since 2008.

Baby boomers and Generation X account for nearly half of the UK’s freelance workforce, with 48% being in the 40-49 or 50-59 age groups.

The data also revealed the most lucrative freelance roles, with finance being among the highest-paying sectors. Those working in risk modelling can earn a daily rate of £760.

Importance

Data from the Association of Independent Professionals and the Self-Employed (IPSE) has shown that the number of self-employed workers in the UK now stands at 4.8 million, freelancers make up 42% of the population and accounting for 6% of the UK workforce as a whole.

IPSE figures also highlighted the importance of freelance workers to the UK economy, with freelancers contributing £119bn to the national economy in 2016, up from £109bn the previous year. Experts predict that freelancers will contribute even more to the economy in the future.