Research and analysis

Drivers of savings behaviour for retirement among the self-employed

This research explored the long-term saving behaviours of the self-employed population and the drivers and barriers influencing saving for retirement.

• From: HM Revenue & Customs
• Published: 18 December 2018

Documents

The Drivers of Savings Behaviour for Retirement among the Self-Employed

Ref: HMRC Research Report 513

PDF, 1.89 MB, 92 pages

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Details

The number of people in self-employment has increased significantly during the past decade. There are now more than 4.8 million self-employed people in Britain - about 15% of the UK workforce.

They work in many occupations and sectors, and many are also employed while self-employed.

The research aimed to explore the savings behaviours of this group and to learn about the drivers and barriers that influence decisions about saving for retirement.

It involved a quantitative survey, which generated findings that were then used to segment the population into 5 groups. There was also a qualitative stage, which provided context to the survey data.

This report covers:

• demographics providing a profile of the self-employed population
• behaviours around saving for retirement, including current savings levels and ways of saving, expected sources of income in retirement, and frequency of saving
• barriers to saving for retirement
• views on the best ways to save for retirement

Published 18 December 2018