58% of tradespeople expect tool theft to rise in cost of living crisis

New research reveals that more than half of tradespeople expect tool theft to get worse during the cost of living crisis.

Tool theft already affects many tradespeople, with 78 per cent telling us that they’ve had their tools stolen. This totals an estimated £2.8 billion of stolen tools across the UK.

• Tool theft: tips for recovering stolen tools
• Tool theft has a severe impact on the mental health of tradespeople
• Three tool theft updates for tradespeople
• Read about tool insurance

We’ve partnered with the UK’s leading construction community, On The Tools, to produce the Tradespeople Against Tool Theft white paper. This new report uncovers the real impact of tool theft.

It’s part of our renewed campaign to Stamp Out Tool Theft, which started in 2019 with our government petition.

As part of our campaign, why not enter our competition to win a van security package worth up to £2,000 to protect your tools?

Tool theft ‘very likely’ during economic squeeze

According to the Office for National Statistics (ONS), by 5 August 2022, 46 million people (nine in 10 UK adults) had reported an increase in their cost of living. This is being driven by high inflation.

When asked about whether this cost of living crisis would impact the frequency of tool theft, 58 per cent thought that it was very likely.

One tradesperson said: “I think the cost of living crisis will exaggerate tool theft. Thieves who are in desperate situations will see it as an opportunity. Maybe it’s not something they do as a regular thing, but times are getting tight and people are going to become more desperate.”

However, some tradespeople said that thieves will always steal, whether there’s economic turmoil or not: “I don’t think the cost of living crisis will impact tool theft rates at all. I think it’s always going to happen, regardless of what’s happening in the country.”

Tool thieves target tradespeople at home

Simply Business data reveals that from 2020 to 2021, tool insurance claims made by tradespeople rose by 6.7 per cent.

What’s more, 39 per cent of tradespeople told On The Tools that they’ve had tools stolen from their van while it was parked outside their home.

Overall, 78 per cent of tradespeople have had their tools stolen. Five per cent have witnessed someone else getting their tools stolen, while 17 per cent have never had their tools stolen.

James Reeve, a self-employed Midlands-based painter and decorator, recently experienced tool theft. He commented: “It’s not like going into a store of a multi-billion pound conglomerate to steal a packet of sweets – you’re stealing someone’s livelihood. It should be treated in a similar way to an assault because that’s basically what it is. You’re taking people’s belongings, which results in potentially taking food off a family’s table. You don’t know what the impact of it is going to be.”

Alan Thomas, UK CEO at Simply Business, commented: “We hope that by shining a light on the scale and depth of the problem, revealing the true stories of those affected, and offering practical support for the community, we can contribute positively to change.”

Have you ever experienced tool theft? Let us know in the comments below.