Tool theft levels in the UK are predicted to increase as a result of the cost-of-living crisis, according to a new report from On The Tools, in partnership with Simply Business and sponsor Jewson.
As the economic squeeze continues, 58% of tradespeople believe that a rise in tool theft is inevitable. Tool theft is already having an impact on tradespeople across the UK, with 78% being directly affected by the crime – totalling an estimated £2.8bn worth of tools stolen across the UK. In the past year, 59% have experienced tool theft compared to only 17% 1-2 years ago.
The report showed that 39% of tradespeople reported having their tools stolen from their van whilst it was parked directly outside their home. A further 20% say they’ve had tools stolen from their place of work. Over half did not have tool insurance at the time of taking the survey.
Tool theft has had an effect on the mental health of tradespeople with more than 15% experiencing increased anxiety, and as many as one in five saying they’re subsequently less able to trust others.
The research also revealed the level of distress can cause people to blame themselves for not ‘triple checking’ that tools were properly secured. Many even discussed physical symptoms such as headaches or lack of sleep due to worrying about their tools being stolen.
Lee Wilcox, CEO of On The Tools, said: “Tool theft is crippling our industry. It’s an issue that impacts an immense proportion of UK tradespeople and can no longer be ignored. The Tradespeople Against Tool Theft white paper was created to reveal the widespread consequences of this crime, from the financial impacts to the emotional consequences and more.”
Alan Thomas, UK CEO at Simply Business, added: “We’ve seen the profound impact of tool theft first-hand, costing tradespeople £4,470 on average. Those on the receiving end are often forced to take time off work, and the financial hit and longer-term repercussions on future business.”