smallbusiness.co.uk: Helping your business think big

Calling in sick

Bosses are rendered powerless by the line: ‘I feel a...
Have your say »

RSS

Financial time bomb for self-employed

Mar 19 2010

Lack of savings could be a problem for self-employed

Self-employed 35-44 year-olds are putting their business above personal financial security, warns insurance firm Standard Life.

This demographic have a pension pot a third of the size of those in employment, with two in five having no pension at all, says the insurance giant.

Liz Aimpairee, owner of her eponymous consultancy firm, says: ‘At the moment my biggest concern is bringing in enough money each month, I don’t even think about pensions. I think in order to run your own business you need to be very motivated and it has to be your top priority. For me it’s worth the temporary sacrifice of financial security.’

Andrew Tully, senior pensions policy manager at Standard Life, says: ‘The recession has created a cohort of self-employed entrepreneurs who are absolutely focused to maintaining their successful business. But, by focusing on their business and neglecting their personal finances, they are putting their future at risk.'

Comments

There are currently no comments on this article

Switch your business electricity

Switch your business electricity to British Gas and we'll beat your contract renewal letter price by at least 10%*. Plus join British Gas Business and you'll gain free access to exclusive discounts on products and services through our loyalty scheme. Get a quote
* Terms and conditions apply

Barclays Business Start Up Account

Everything you need in one place from help with planning to getting more customers, to FREE seminars and a credit checking service to help you get paid quicker. Plus, up to 2 years FREE banking (conditions apply). Apply online

Barclaycard Commercial – Ease your business cash flow

Our Visa and MasterCard credit and charge cards give you greater control over your expenses, help with cash flow and could safeguard your business by providing extra financial protection. Find out more about our credit and charge card solution.

Prize Draw

Enter our reader competition and win a Brother colour all-in-one printer!

Smallbusiness.co.uk has teamed up with Brother to give away one its most popular printers - worth more than £400. All you need to do is take part in our short survey which only takes a few minutes to complete (no more than 5 minutes) and all entrants who complete the questionnaire will be entered into the free prize draw. To take part click here

Polls

Latest News

Cable wants to talk about finance for SMEs

Cable trumpets ‘intense discussion’ on finance

Business secretary Vince Cable and chancellor George Osborne have launched an ‘intense discussion’ on the issue of finance for SMEs .

New body to simplify tax

The government has pledged to overhaul the tax system by creating a new body, the Office of Tax Simplification (OTS).

Fraud at record high

White collar crime in the UK is at an all-time high.

SMEs are being squeezed by tighter lending terms

  Banks are still turning the screws on businesses by demanding higher charges on loans.

Growth continues, says BCC

The economy continued to grow in the second quarter, claims a survey from the British Chambers of Commerce (BCC).

RDAs get binned

Regional Development Agencies (RDAs) are to be replaced by Local Enterprise Partnerships (LEPs), the government has confirmed.

Inflation squeeze

Small businesses suffering sluggish consumer demand are being squeezed further by rising prices.

World Cup flops are bad for business

Disappointment with England is a familiar emotion to footie fans up and and down the country, but many businesses will have the added frustration of seeing a knock-on effect in consumer spending.

Osborne's not so great escape

The rate of VAT will go up from 17.5 per cent to 20 per cent in January, George Osborne announced in his emergency Budget.

VAT rise ‘bad news for SMEs’

As small firms brace themselves for today’s emergency Budget, the Federation of Small Businesses (FSB) warns that any increase in VAT must give SMEs chance to prepare.

SMEs turn to risky funding

Credit restrictions are causing SMEs to turn to risky forms of finance.

Guides & Tips

How to tackle PAYE

The rules and red tape around hiring staff for the first time can be daunting for any small business owner. So read our guide on how tackle PAYE.

What the Budget means for SMEs

In his Budget George Osborne promised to spread the pain fairly. Here small businesses tell us what the chancellor’s tax hikes and concessions will mean for them.

There are ways to build your finances without bank loans

Small business finance

Alistair Darling's Budget highlighted the problems many SMEs have in obtaining finance. If you are finding it difficult to get a conventional business loan from the bank there are alternative sources of finance available.

Don't Miss

Emergency Budget Breakdown

It's generally agreed that SMEs emerged largely unscathed from the Emergency Budget. Here SmallBusiness.co.uk picks out the main points for owner-managers.

Not everyone’s Darling

In his last Budget before the General Election, Alistair Darling attempted to woo the small business sector with several proposals aimed at SMEs. Here we speak to entrepreneurs and experts to find out what the announcements really mean.

Is Alan Sugar the right man for the job of business tsar?

Would you fire Alan Sugar?

Lord Sugar’s description of small businesses that have been denied finance as ‘moaners’ who live in ‘Disney World’ has led the Federation of Small Businesses to call for his resignation as business tsar. Here we ask entrepreneurs: is Alan Sugar the right man for the job?

Store

FT Guide to Personal Tax

Formerly the Lloyds TSB Tax Guide, the FT Guide to Personal Tax is now published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc and Jonquil Lowe, this unique guide gives step-by-step advice to completing your tax return as well as over 230 tax-saving tips.

FT Guide to Business Start Up

Formerly the Lloyds TSB Small Business Guide, the FT Guide to Business Start Up is now published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc, this unique guide has sold over two million copies. It offers practical advice about starting and running your own business.

Growth Company Investor

Growth Company Investor is widely recognised as the leading magazine for investors interested in AIM and smallcap companies. Published 10 times per year, and brought to you by an award-winning analyst team, it offers subscribers unrivalled insight into high-potential smaller companies. Subscribe today with a 50% discount in your first year.