MONET Money: 71% of Freelancers Paid Late

MONET Money: 71% of Freelancers Paid Late as £26bn Backlog Triggers Mental Health Emergency

Key Points:

71% of UK freelancers were paid late in 2024; 55% said this directly harmed their mental health.
The UK’s £26 billion late-payment backlog is driving anxiety, burnout, and business failures – with 1 in 20 UK business closures now a creative agency.
Chronic financial stress is reducing creative performance and focus, while 69% of women in creative industries report bullying or harassment compounding mental strain.

“Late payments are not just an inconvenience. They drive insolvency in agencies, sap confidence from freelancers, and trigger a cycle of anxiety and burnout. If we continue to tolerate a £26 billion backlog, the UK risks eroding both the resilience of its creative economy and the well-being of the people who power it.”
– Jacob Casson, CEO, MONET Money

I believe that many of us within this sector will feel passionately about this subject, including myself. Many of us who operate in our sector are small businesses. There are plenty of installers out there who are single teams operating out of a single van and from home. Cash flow to individuals and companies of this size is absolutely vital. There is great emotional investment and commitment when it comes to small businesses, so when bills are paid late, it causes great mental stress on the person/persons running that business.

I have said on here, and on the DGB social channels in the past that larger companies need to pull their finger out and pay people on time. I am firmly of the belief that insane payment terms, such as 30/60/90 days, or 30 days end-of-month ought to be consigned to the bin. It is simply a way for larger businesses to drag out paying people the money they are owed.

Our industry constantly beats the drum for mental health, but in all honesty, I fear a lot of it is PR rather than meaningful action. One way to solve a lot of people’s stresses and strains is to ensure they are paid promptly, without delay, in full and without fuss. It is amazing how much less stressed you can feel when there is a decent bit of cash in an account, knowing all the bills will be paid. Like a weight being lifted from your shoulders.