Research suggests lack of savings putting individuals 'at risk of financial hardship'

Research carried out by banking group Aldermore has suggested that a lack of business savings is putting a strain on self-employed individuals in the UK.

08 Feb 2018

Research carried out by banking group Aldermore has suggested that a lack of business savings is putting a strain on self-employed individuals in the UK.

Aldermore's data suggested that poor business resilience is putting sole traders and freelancers ‘at risk of financial hardship’.

It found that 22% of individuals have no business savings at all, whilst 40% revealed that their business has less than £1,000 in cash savings.

An additional 54% of self-employed individuals stated that they have been unable to earn money due to ‘unforeseen events’, with many citing ill health as being an issue.

Aldermore's research also revealed that 8% of firms with a turnover above £50,000 hold nothing in cash.

Ewan Edwards, Head of Savings at Aldermore, commented: ‘Starting a new business is a significant life decision. While many self-employed people relish greater flexibility and control, the first few years can often bring long hours, additional stress and relatively small financial rewards.

‘We want to work with the government to look at means of backing Britain's entrepreneurs and helping them devise new policies and financial products that will encourage start-ups and protect growing small businesses from the shocks and uncertainties of self-employment.’

Quick Links

Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2018 Blue Spire Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Contact Chichester Office

Tel: +44 (0)1243 781234
Fax: +44 (0)1243 791770
Email: chichester@bluespiregroup.com


Contact Brighton Office

Tel: +44 (0)1273 739533
Fax: +44 (0)1273 732844
Email: brighton@bluespiregroup.com

Chichester Address
Cawley Priory, South Pallant, Chichester, West Sussex PO19 1SY

Brighton Address
5th Floor Intergen House, 65-67 Western Road, Hove, East Sussex BN3 2JQ

Blue Spire Limited is Registered to carry out audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales C004152645. Professional indemnity insurance is provided by Royal & Sun Alliance Insurance Plc 9th Floor, One Plantation Place, 30 Fenchurch Street, London, EC3M 3BD and its territorial coverage is worldwide (excluding United States/Canada).
Blue Spire Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. FSA register https://www.fca.org.uk/register reference 566257. This guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at customers based in the UK