February 24th, 2016
If you are self-employed, there are all manner of priorities to juggle in operating your business – but, worryingly, 90% are neglecting their own personal future. According to figures from the Office for National Statistics, disclosed in December 2015, just one in 10 self-employed people are saving into a pension. This compares to a third who were in 2001.
Further research from the Money Advice Service found that 53% of self-employed men, and 67% of self-employed women, have no pension savings at all. Understandably – with your own business consuming so much of your focus – the future might be something that you haven’t adequately considered. Without an employer helping you to set up and contribute into a pension, you may be lacking provisions to fund retirement. But this could mean you face major problems when you come to want to retire.