Life as a freelancer or contractor gives people the freedom to do work they love, but it is not for the fainthearted. Managing a fluctuating and, at times unpredictable, income is a major cause of stress for many.
Nine out of ten freelance workers worry about their financial well-being due to their irregular incomes, according to a poll by IPSE, the Association of Independent Professionals and the Self-Employed.
Half confess to suffering from ‘stress or anxiety’ and 41% admit they are too cash-strapped to take time off. That’s why Starling Bank and IPSE have joined forces to help freelancers insulate themselves against problems linked to uncertain cash flow.
Working together throughout 2020 on a joint programme of policy, research and events, Starling and IPSE aim to raise awareness about and support freelancers with the challenge of financial planning.
Suneeta Johal, Head of Commercial Development at IPSE, said: “This is an extremely exciting new partnership for us. Good financial planning can be a challenge for anyone, but for freelancers with fluctuating incomes, it can be even worse. As the freelance workforce continues to grow, this will become an ever-more pressing issue. With Starling, we are going to not only raise awareness about this vital issue, but also find new ways to tackle it and support the growing freelance community.”
Anne Boden, founder and chief executive of Starling Bank said: “Freelancers and contractors are an important and integral part of the economy and offer services that companies need to survive. At Starling we think of them as entrepreneurs and want to support them in every way possible, and that includes listening to their needs so we can design and deliver better banking services. We are delighted to be partnering with IPSE.”