We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.

Self-Employment in the UK...The Future?

Self-Employment in the UK

Secured Loans > Our Loans > Self Employed Loan > Self-Employment in the UK

For British workers, there has never been a better time to consider becoming self-employed. With record numbers of people choosing to work for themselves, self-employment in the UK is experiencing a boom.

Research from the Office for National Statistics (ONS) confirms that self-employment is at its highest level in the UK since records began 40 years ago. In fact, statistics show that around 15% of UK workers are registered as self-employed, which equates to one in seven workers. Currently, there are a staggering 4.6 million self-employed people in the UK.

Age Is No Barrier to Self-Employment

Many people might associate self-employment as the preferred choice for go-getting young entrepreneurs, but statistics show that this type of working arrangement appeals to a broad spectrum of people. It is not just the young who are going down the self-employment route. In fact, if anything, it appears those deciding to become self-employed tend to be older, at an average age of 47 compared to 40 for those not self-employed. The ONS also states that an increasing number of people over the age of 65 are embarking on self-employment, possibly as a way to top up pension incomes. Figures suggest there are almost half a million over-65s in the UK registered as self-employed – a figure that has more than doubled in the last five years.

A Growing Trend

In the last year alone, UK self-employment rose by 8%. This is the equivalent of around 7,700 people becoming self-employed every week. Whilst 15% of people are now self-employed, this was just 13% in 2008 and only just over 8% 40 years ago. Much of the increase in total employment since 2008 can be accounted for by the rise in self-employment.

self employed infographic
Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
© 2024 Evolution Money | Cookie Policy | Terms & Conditions | Fair Processing Notice
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution