Almost two million self-employed people in the UK are unable to save money regularly, leaving them vulnerable to unforeseen financial shocks and expenditure, according to research by LV=.
The insurer found some four in ten (41%) self-employed can't afford to save any money regularly at all and a further one in ten (11%) save less than £50 a month. LV= surveyed 9000 people for its Income Roulette report and found a third (33%) of the 4.8 million self-employed could not survive for more than three months if they lost their income. Bills proved the biggest barrier to saving, with almost two-thirds of those surveyed (62%) citing them as their biggest outgoing. The group was also more likely to be in debt, with 38% of the self-employed in debt compared with the national ave...
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