Too often we speak to self-employed people who think they don’t earn enough money to merit speaking to a financial adviser. This misconception can cause real problems in later years when simple benefits that are typically offered by an employer, such as a pension or a life insurance plan, are not set up.
However, a new research report by The International Longevity Centre UK (ILC) and commissioned by Life and Pensions company Royal London shows clear evidence that getting financial advice can help people to save more. Their findings showed that in the space of just 10 years, customers who had sought financial advice were, on average, £47k better off than those who hadn’t.
The research showed that the benefits of advice for those of modest means were greater than for those customers who were considered to be affluent. Those customers considered to be ‘just getting by’ saw a 24% boost to their pension wealth, as compared to 11% for more affluent groups.
Many self-employed people may consider themselves to be part of the ‘just getting by’ category so for them, taking advice could be of considerable benefit in the longer term. This is why at Fuladvice we welcomed the findings of this report. Working in an employed role often has advantages like an automatically opened pension and death in service benefit provided as part of an employee contract. We believe that same support needs to be available for those who work for themselves.
If you are self-employed and would like to speak to a financial planner at Fuladvice then either call 08000 478535 or email us. Our team of qualified and experienced financial advisers can help you to start your financial plans from scratch, or review your existing arrangements if you would like help.