Nearly five million freelancers forced to turn to payday lenders

Almost five million freelancers (15%) in the UK have turned to short-term finance solutions because of inconsistent and late payments, a report by ETZ Payments has found.

As a result, the study found that around four million freelancers regularly miss bill payments. And in order to subsidise the shortfall, many have turned to payday lenders.

This has led to many independent workers unable to afford to pay for weddings, holiday, home improvements and other significantly costly things.

Research by IPSE has shown that on average, freelancers spend 20 days a year chasing invoices for late payment. The time spent chasing payments equates to an estimated £16.5 billion in lost income.

Despite the burden of chasing invoices and the inconsistent income, both IPSE and ETZ research shows that freelancers still prefer the freedom and flexibility of working for yourself and would not return to traditional employment.

Nick Woodward, CEO of ETZ Payments said: “It should be a norm that in today’s workplace, with modern technology, that freelance workers should be able to complete a job and be paid for it on either the same or next day.

“Millions of workers are being held back in life because they are not paid on time. This has to change to help people have a more productive and happier work life balance and to support the British economy.”

3
Leave a Reply

avatar
2 Comment authors
Varsity Bomber Wool Jacketstanharris Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
stanharris
Guest
stanharris

Nice informative article. Thanks for sharing.The information that you have shared on payday loans is really useful. Have you heard that A write-off is a reduction of the recognized value of something. In accounting, this is a recognition of the reduced or zero value of an asset. In income tax statements, this is a reduction of taxable income, as a recognition of certain expenses required to produce the income.For more details visit:https://swiftdebtassist.co.uk/write-off-debt.php

stanharris
Guest
stanharris

Great information. Thanks for sharing.It is really helpful to me that you shared on payday loans. so here You can avail that People keep wondering how to get out debt/how to pay off debt. The best way to write off debt is to avail suitable debt help UK services to reduce overall debt. For more details visit: https://swiftdebtassist.co.uk/write-off-debt.php

Varsity Bomber Wool Jacket
Guest
Varsity Bomber Wool Jacket

Nice Blog, I like your content. I loved the game Payday 2 Hotline Miami. But I saw something much cooler in it. I am talking about that Brown Varsity Bomber Wool Jacket, the one which the chicken man was wearing.

error: Our content is protected