Self-employed lag on savings despite greater adviser engagement

Finds Scottish Widows report

Victoria McKeever
clock • 3 min read

Despite almost three-quarters (73%) of self-employed people taking guidance from financial advisers, they are still falling behind the rest of the UK population in saving for retirement, the latest Scottish Widows Workplace Pensions Report has found.

At the same time, research from think-tank Resolution Foundation has found the earnings of the UK's self-employed are lower than they were two decades ago. This group now makes up one in seven of the UK's workforce. According to Scottish Widows, while the proportion of self-employed workers has risen by 45% since 2001/02 and those saving 'adequately' has risen from 38% in 2015 to 43% this year, this still lags behind the 56% of other workers. The report also considered the impact of self-employed workers not being auto-enrolled in a pension. It found a greater proportion of self-emplo...

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