21 January 2020

The number of self employed people reaches 5 million - Royal London comments

4 min read

 
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Becky O'Connor

Personal Finance Specialist

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Commenting on the number of self-employed people reaching 5 million for the first time, according to the ONS, Becky O’Connor, personal finance specialist at Royal London:

“Self-employment is a bold move. Being your own boss can work well, but it can also be tough, with challenges like chasing payments and insecurity of income.

"Self-employed people can be more vulnerable to financial shocks. It can be harder to budget or plan a big purchase, such as a house, when you are self-employed.

“It can also be harder to save enough for retirement without employer contributions to a workplace pension, and this is an area where many self-employed people are vulnerable.

“So many areas of public policy are based around the assumption that people have an employer and a steady income and need to be re-thought in a country where millions of people work for themselves.”

About Royal London:

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £130 billion, 8.8 million policies in force and 4,046 employees. Figures quoted are as at June 2019.

For further information please contact:

Becky O’Connor, Personal Finance Specialist