Freelancers work on the double
The typical freelancer now has earnings worth more than twice the level of the national average wage, new research claims. Outsourcing firm MarketStorm Global said the average freelancer was now earning £52,280 a year, compared to an annual salary of just over £26,000 for the typical full-time worker.
Freelancers’ earnings are even higher in certain sectors – contractors in banking, for example, can expect to earn an average of £70,000 a year, while those in the marketing and public relations sector are netting around £63,000 annually.
In other sectors, the figures are lower – but generally still ahead of national average earnings. The typical freelancer in the retail trade, for example is now warning around £35,000 a year.
Gavin Walsh, the managing director of MarketStorm Global, said that one reason for freelancers’ outperformance was their willingness to go the extra mile. “The statistics show that many freelancers earn more than the average employee, but we should not forget the amount of hours and hard work they put in,” Mr Walsh said.
MarketStorm Global’s figures suggest that 40 per cent of freelancers work more than 41 hours a week while 15 put in at least 51 hours. The recruitment firm also warned that one in four freelancers said they took no annual holiday - of those who do take vacations, 45 per cent said they were likely to work while away.
Mr Walsh said freelancers’ earnings reflected those working patterns, even if “the flexible schedule helps many people being more relaxed and satisfied in their lives”. He added: “Freelance workers really get what they deserve. Many freelancers work very hard. By using their time effectively, they can easily earn a very good income.”
MarketStorm Global’s figures suggest that as many as 14 per cent of the UK workforce now work on a freelance basis and that they collectively contribute £202bn to the UK economy. “More and more people recognise the advantages of being independent workers,” Mr Walsh said.
By David Prosser