Secured Loans Improved Situations

Britain's self-employed workers are failing to save enough money for retirement, according to an industry expert.

Official figures suggest that self-employment is becoming increasingly popular in the UK, but many of these independent workers are struggling to find a compromise between necessary expenditure and retirement planning.

Tony Attubato, technical manager with The Pensions Advisory Service (TPAS), believes that self-employed workers face a bleak future unless they arrive at a sensible spending strategy.

"Surveys that have been done in the past have shown that the self-employed are one of the more significant groups that are under-providing for retirement," he said.

"It's something that we acknowledged last year. We ran a special helpline for the self-employed and produced literature about their pension options. So there is a concern there and more and more groups are recognising that," he added.

For many, this situation could be improved with the help of a secured loan. A secured self-employed loan can provide a lump sum of cash for essential expenditure, allowing the individual to devote more time and money to retirement planning.

Those in self-employment can take out a secured loan on the equity in their home, arranging a figure on a self-declaration basis.