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Crisis warning as 70% of self-employed are not saving into a pension

by | Nov 4, 2020

Despite levels of self-employment increasing significantly, the numbers don’t look good when it comes to how many are planning their pensions properly.

The institute for Fiscal Studies believe that 3.5 million self-employed workers are not currently saving into a pension. Research shows the level of people saving has dropped from 48% in 1998 to just 16% of all self-employed people in 2018. This shocking figure comes at a time when the level of self-employment has grown to 4.8 million, or 15% of the total workforce.

Despite this incredibly low degree of pension planning, the amount of self-employed people who believe they are “very” or “fairly confident” of reaching a good retirement standard of living has increased from 46% in  2008/9 to 56% in 2017/8. Unless there’s something beyond wishful thinking that the chancellor is unaware of, the data doesn’t stack up – and a hefty number of the self-employed could be hugely disappointed if they don’t get some advice and get a plan together.

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