More and more people are discovering the joys of being self-employed, but being your own boss does come with the change of financial insecurity and the loss of benefits and protection provided by being an employee. How hard is it to plan for the future when you’re faced with inconsistency?
This does not constitute advice and advice should be sought in all instances before acting on it.
When your day-to-day life is already full of instability, it makes sense that you would be even more vulnerable to economic instability and volatility. That doesn’t mean you can’t plan and prepare with some expert financial advice. However, research from Opinium Research reported that a shocking 81% of respondents are not working with financial advisors. It begs the question: how can you know how to properly build and protect your wealth, and secure the right products and solutions if you aren’t working with an expert?
The cost of living is rising and private rents and mortgages are increasing at the fastest rate in five years. Even if you have an emergency fund, do you have other protection in place? Do you have any idea how you would support yourself long-term without working? As a group especially vulnerable to financial shocks, financial advice is more important than ever.
Self-employed people simply do not have the same luxuries or problems that employees do. They do not have a safety net and will need to organise one on their own. Planning for the possibility of becoming sick or injured means you will have a plan for when you’re faced with financial hardship.
About two-thirds (64%) of self-employed people in the UK do not have a regular income, with less than a quarter (23%) reporting receiving a monthly pay packet. Moreover, nearly half (48%) of self-employed people see income fluctuations because they own their business and a similar number (49%) owe that to being freelancers, contractors, or consultants.
Seek advice and secure protection
While it’s a great feeling to have control over your working life as someone who is self-employed, not having traditional employee benefits like company sick pay can prove challenging.
To discuss how to protect your future financial well-being and learn about the options available to you, get in touch with the experts at Dental & Medical Financial Services today.