Self-employed women ‘not saving enough’

Around one in three female entrepreneurs could be saving next to nothing towards their retirement, a report has claimed.

YouGov polled 5,036 respondents on behalf of Scottish Widows found that 35% of self-employed women had no retirement savings.

The report said that 80% of those find it particularly hard to save for retirement as they earn less than £20,000 a year.

Less than half (46%) save at least the recommended level, compared to 56% of female employees who are eligible for workplace pensions.

That 46%, however, are among the best savers in the country, putting away 16% of their income each month.

The report claimed that around 1.7 million women are registered as self-employed in 2019 - up from 700,000 in 2005.

Jackie Leiper, pensions director at Scottish Widows, said:

"A growing number of women are taking charge of their careers by launching their own businesses or working as freelancers.

"Women are historically under‐prepared for retirement and self‐employed women do not benefit from the safety net of auto‐enrolment.

"The good news is that when self‐employed women do save adequately, they actually put more of their income aside than anyone else - but the proportion of female entrepreneurs saving at all has not grown in the past decade."

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