According to a new study of over 5,000 UK self-employed workers, Southampton is the best place to be self-employed! These results came from a study conducted by Intuit QuickBooks who looked into several aspects of self-employed workers lives. This included financial status, working hours, loans, mean income, satisfaction and holidays.
The results found that overall, workers were best off in Southampton, even in comparison to London wages. On average, the mean wage in Southampton was £39,024. This is £6,401 above the national average of £32,623.
Alongside this, it was also found that workers in Southampton worked fewer hours during the week too. At 26 hours a week, this is two hours less than the average hours worked by the self-employed.
79% of workers in Southampton also revealed that another major benefit was that they had control over their schedule. And, a further 69% rated that flexible working on their own terms was another big pro.
It was found though, that high pay does not necessarily mean job satisfaction. So, if you’re looking for the highest wage, you’d be better off heading for Liverpool. Here, the highest average wage was found to be £46,886. However, this does not automatically mean that workers here have the best life satisfaction as this city didn’t even make it into the top five!
Take a look at where tradespeople are best paid across the world here.
Instead, if you’d rather have job satisfaction than high pay, you may want to take a look at Sheffield. It was found that whilst workers here had the third lowest mean income of just £24,791, 85% of workers stated that they had high life satisfaction. Especially in comparison to full-time employment!
Overall, the top five cities to be self-employed in the UK are:
The Vice President and Managing Director of Intuit Europe stated: “The surge in self-employment has been fuelled by demand for a better quality of life.”
“This ranking will be particularly welcome news to Southampton residents, where the workforce has carved out the best balance to earn more, work less and be happier.”
“There is a fantastic entrepreneurial spirit across the breadth of the UK, and we shouldn’t be held back by where we live.”
“New technologies and platforms are enabling more of us than ever to explore new income streams and dramatically different working habits.”
“While the advantages of working for yourself have become clear, to truly achieve the life satisfaction and financial security that will reduce stress and define self-employed success, the self-employed must ensure their finances are airtight.”
“Individuals must embrace technology, which has made the operations side of working for yourself faster, cheaper and easier, and in turn, boosted innovation and productivity.”
So what do you think of this? Where do you think is the best place in the UK to be self-employed? Let us know in the comments below.