The tendency for a growing number of workers to become self-employed is leaving thousands of people with huge sums of debt, according to The Money Advice Trust.
The charity revealed that nearly a quarter of those contacting them last year had debts of more than £30,000, while just under half of its clients owed more than £10,000.
Approximately 15 per cent of the UK’s workforce is now classified as self-employed, compared to 12% in 2001.
The charity found that late payment, low and variable incomes and a lack of essential business management skills were highlighted as some of the key concerns that can result in financial difficulty and, in some cases, business failure.
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The new episode of The Mortgage Insider podcast, out now
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