Report

Set for life

This report from UK think tank the Social Market Foundation looks at policies to boost the retirement savings of the self-employed.

The low share of self-employed workers saving into private pensions and problematic saving behaviours amongst many who are, is leading to concerns that large numbers of self-employed workers are on track for inadequate retirement incomes.

Government action is needed to address these drivers in order to boost self-employed retirement saving rates, and policymakers have a range of options available to do so.

In the short term, the government should prioritise reforms to regulations on what constitutes financial advice and guidance to make it easier for banks to provide personalised nudges that encourage positive retirement saving behaviours.

In the long term, nudges should be incorporated in self-assessment tax forms, a universal touchpoint that exists between the state and self-employed workers.