Living Paycheck to Paycheck
Meet Vicky Quait, a 55-year-old self-employed nail technician from Radlett, Herts, who finds herself with no savings for retirement and even in debt. Despite working long hours, Vicky struggles to make ends meet and fears she won't be able to afford to retire.
The Pension Dilemma
Vicky, like many self-employed individuals, does not have access to a private pension plan and is left worrying about her financial future. With rising living costs and little to no savings, the idea of retirement seems like a distant dream for her.
Gender Disparities in Retirement Savings
Adding to Vicky's concerns is the gender pensions gap, which shows that women, on average, have 35% less saved for retirement compared to men. This gap is attributed to various factors, including differences in earnings and time taken off work for caregiving responsibilities.
The Reality for Self-employed Workers
Vicky's story sheds light on the challenges faced by the 4.33 million self-employed workers in the UK who are struggling to save for retirement. With limited options for pension plans and a lack of financial support, many find themselves working well into their later years.
A Call for Help
Vicky's situation reflects a larger issue affecting self-employed individuals across the country. As more people find themselves without adequate retirement savings, there is a growing need for support and solutions to ensure financial security in later years.
