Half of self-employed ‘seriously concerned’ about pension

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9th May 2018 16:51 - Financial Services

Half of self-employed ‘seriously concerned’ about pension: Concerns over lack of savings is a big worry for just under half of self-employed people, a survey has revealed. 
Forty-six per cent of self-employed respondents who took part in the poll of 1,000 are ‘seriously concerned’ about their retirement savings, with 38% ‘seriously concerned’ with their current pension savings. 
Those questioned in the survey also took part in focus groups across the UK conducted by cross-party think-tank, Demos, supported by the Independent Professionals and the Self Employed (IPSE). 
Happy in self-employment despite pension concerns
It found that despite being worried over pension forecasts, eight in ten were happy with being self-employed, with seven out of ten having no plans to leave their current working situation.
Alan Lockey, head of Demos' Modern Economy Programme, said:
"The rise of self-employment is one of the biggest changes to the modern economy in the last couple of decades.
"We need to think pragmatically about whether we should actively encourage it – it could be that it is the British solution for a more flexible, less rigid approach to life and work in the future, as it already is for millions of people.
"That means we need a new deal to boost security for the self-employed and by far the most urgent problem is dealing with a looming pensions and savings crisis."

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