Self-employed twice as likely to cover rent deposits for dependants compared to full-time employees

New research from Scottish Friendly’s 2024 Family Finance Tracker reveals that self-employed individuals are twice as likely to cover rent deposits for dependants than their employed counterparts.

The study, conducted by the Centre for Economics and Business Research, surveyed 2,600 adults across the UK and highlights notable differences in financial priorities between the two groups.

While both self-employed and employed individuals share similar financial goals, the self-employed are more likely to step in and provide financial support for family members.

The report found that 6% of self-employed adults are prioritising saving for a rental deposit for a dependant, compared to only 3% of full-time employees.

Furthermore, 8% of the self-employed are saving to pay off family members’ debt, in contrast to 5% of those in full-time employment.

Kevin Brown, savings specialist at Scottish Friendly, said: “What was surprising was the fact that the self-employed are twice as likely to shoulder the financial strain of covering a dependant’s rent deposit, and significantly more likely to do the same when it comes to paying off family members’ debt. It raises an interesting question about the entrepreneurial spirit!”