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Freelancers face pension time bomb

Survey reveals that UK’s growing freelance community is failing to prepare for retirement…

The UK’s growing self-employed workforce faces an uncertain future, with two thirds of freelancers admitting they are yet to set up a pension, while less than half have started saving for retirement.

The results announced today, come from a survey* conducted by Crunch Accounting, which interviewed self-employed workers, including freelance IT consultants, writers and designers about their retirement plans and pension provisions.

Less than half (44%) of respondents have started saving towards their retirement, while only a third (34%) have set up a pension to provide for their future. Almost a quarter (24%) admitted the thought of retirement hasn’t even crossed their mind!

Of the respondents who have started saving towards their future, nearly two thirds do not believe that they are saving enough. Only a small minority (15%) of those questioned are prepared for retirement and confident in the amount they are saving.

Darren Fell, managing director of Crunch Accounting, said: “It’s a fantastic testament to British entrepreneurialism and business acumen that we now have over 4.5m self-employed workers working in the UK. But with the economy picking up, I would advise anyone working for themselves to think of the future and invest in their retirement.”

The latest ONS figures released last month show one-person businesses now account for around 15% of the country’s total workforce.

The number of self-employed workers has grown at twice the rate of traditional employees since the beginning of the financial crisis – up almost 750,000 to reach 4.58 million, while traditional employment has only grown by around 325,000.

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