SME owners prioritise savings

Small business owners prioritise savings over pensions

Small business owners are saving money in bank accounts at the expense of their retirement pot, according to a survey by Workwell and the Association of Independent Professionals and the Self-Employed. The poll shows that 51% put money into their pension each month, while three in four save regularly into cash accounts. While they might not have large pension pots, nearly half of the self-employed people surveyed were debt-free and had cleared any mortgages, credit cards or loans. Around a third owed less than £100,000 in total. Among those who do invest in pensions, the average monthly contribution is around £218. While £215 a month goes into cash accounts, £237 goes toward Isas and £184 a month is placed into other investment products.