Apparently,  income is the biggest issue self-employed workers face at the moment as it is not guaranteed that they will be able to bring in a steady amount of revenue.

Because of this inconsistency, this consequently means that preparing for the future and accessing financial services can prove difficult. Therefore, the National Federation of Self Employed and Small Business (FSB) has stated that the “Government should work with businesses to review how to work with the self-employed.”

One area in which life could be made easier for self-employed workers is their access to financial products. For example, more flexible mortgage terms in which some self-employed workers could struggle to show regular proof of their income.

Another is pensions. Typically self-employed workers are excluded from the auto-enrolment of pensions. Therefore, it has been recommended that the Government needs to ensure that workers have different options in order to save for retirement.

SWNS stated: “while addressing general pensions is a step in the right direction it is also important to ensure that auto-enrolment is feasible for the self-employed.”

“The scheme has been successful in drawing attention to the need to save for retirement, however, the contribution based method currently in use could hit smaller businesses hard, hindering levels of pay and even the operations of a self-employed business.”

“The Government should consider other changes based on other factors instead of increasing pension contributions to a level which could be detrimental to business owners.”

“They need to work closely with businesses to find ways and means to help the self-employed to work effectively while still having access to financial services that the rest of the workforce can utilise.”

So what do you think about this? What other issues do you feel as self-employed? Let us know in the comments below.


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