Small business owners 'delaying retirement'
Oct 21 2008
Bosses of small firms are delaying their planned retirement, with almost one in five saying they will not give up work at all, according to a new survey.
The research, from Clifton Asset Management, finds 62 per cent of bosses think finishing work is now further away than it was a year ago.
Of 200 small to medium enterprise owners who responded, 18 per cent say they now do not plan to retire at all.
Anthony Carty, director of Clifton Asset Management, says: 'Clearly the economic downturn is already having an impact on people's retirement plans.'
He adds the current turmoil in the stock market and bank bailouts are 'doing nothing' to calm people's nerves.
The research also found almost a quarter of small business owners plan to make reductions in staff numbers over the next six months.
However, three-quarters state they are optimistic for the future of their companies.
The Herald recently reported final salary pension schemes in small businesses could be a thing of the past, as firms can no longer afford them.