Two out of every five freelancers suffered a loss of over 40% of turnover during the coronavirus (COVID-19) pandemic, according to research from the Association of Independent Professionals and the Self-Employed (IPSE).
The research also found that two out of three freelance businesses were negatively affected by the pandemic. In addition, one in ten freelancers saw a devastating drop in turnover of over 90%.
Almost two-thirds of freelancers aged over 35 saw a decrease in turnover, compared to half of under 35-year-olds. Two out of five male freelancers also found that their turnover decreased when compared to female freelancers.
Andy Chamberlain, Director of Policy at IPSE, said: ‘This research shows the true, long-term financial impact of the pandemic on the self-employed sector, which contributed over £300 billion a year to the economy before the pandemic.
‘The damage of the pandemic was refracted through the government support on offer – or rather, the lack of support for a significant proportion of the sector. This is reflected now in the many freelancers who now simply do not feel the government supports them or their way of working, particularly limited company directors.’