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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.'

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