Most (63 per cent) self-employed workers think Brexit will have no direct impact on their business, according to new research.
Kensington Mortgages surveyed over 1,000 self-employed workers across the UK to analyse their thoughts and concerns over the year ahead. Of those surveyed, an optimistic 47 per cent of these self-employed workers expect 2018 to bring in more work than in 2017.
When asked whether business would be more profitable, 42 per cent say they are confident that they’ll make more money than they did last year, compared to just 21 per cent who say they aren’t.
Plucky younger workers
Younger generations are the most confident when it comes to forecasting the state of their own finances for the year ahead, with 65 per cent of 25-34-year-olds and 78 per cent of 16-24-year-olds optimistic about their chances of making more money in 2018.
Self-employed workers tend to be more careful with their savings too. If new work suddenly stopped coming in, 42 per cent say they would be able to sustain themselves for a period of six months or more.
Even in the smallest businesses of ten people or less, 24 per cent feel they could keep going for nine months or more. These findings are markedly higher than the average UK employee, who only have enough savings to last them 32 days on their current lifestyle, according to Legal & General’s ‘Deadline to Breadline’ research.
Facing other financial difficulties
That said, 35 per cent feel that Brexit would make it much harder to take out loans such as mortgages, with freelancers (37 per cent) and sole traders (33 per cent) expecting to find it most difficult.
Craig McKinlay, sales and marketing director at Kensington Mortgages, admires the optimism of the self-employed, but says we shouldn’t ignore the difficulty they face in getting mortgages,
‘The fact that such a diverse group of workers would have diverging views on Brexit is unsurprising. What is perhaps more important is how we respond to these concerns,’ he says.
‘Providing this group with access to the right financing needs to be a priority for the entire industry, as we can’t afford for such a valuable contributor to the UK economy to be underrepresented. Fortunately, there are lenders out there who appreciate the contributions these workers make to our economy and who want to support them in their ambitions and goals onto the housing ladder in return.’