Feb 12 2007
Self-employed Britons are not saving enough money for their retirement, it is claimed, with pension saving among this group significantly lower than that for other employed workers.
Recently published research from Scottish Widows reveals that 64 per cent of self-employed Britons are not saving sufficiently for their retirement, with 38 per cent not saving anything at all.
The company notes that with 58 per cent of self-employed workers being aged over 50 and these workers having no access to employer contributions or a state second pension, many of these people are in a vulnerable position.
Ian Naismith, head of pensions market development at Scottish Widows, said: "The position of the self employed is a particular concern.
"Losing out on employer contributions, including in the proposed personal accounts, means that it is imperative they have a savings plan in place for their retirement."
He added that despite the attractions of more flexible working later in life, there were weighty financial effects of being self employed.
Last month, Tesco Personal Finance claimed that women tend to become self employed for the increased flexibility and ability to combine family life with work, while men tend to look to self-employment as a means of earning more money.
