Page 56 • The HERALD • 25th August 2022 v THE HERALD - Proud to be part of your communityv ASK A PROFESSIONAL SELF-EMPLOYED VULNERABLE TO FINANCIAL SHOCKS by Michael Osman, Oyster Financial Planning RESEARCH HIGHLIGHTS THAT 81% AREN’T SEEKING FINANCIAL ADVICE As more and more people become self-employed, some people could be at risk of nancial insecurity as they lose out on employee bene ts that o er protection in the present, and nancial planning for the future. New research highlights this group’s vulnerability to nancial shocks and the importance of expert nancial advice to ensure that all aspects of protection are discussed, and that the right solutions are in place to help create nancial peace of mind. FINANCIAL HARDSHIP - If you are self-employed, you may not have the same safety net as those who are employed by someone else. If you become sick or injured and are unable to work, you could face nancial hardship without income protection insurance. Income protection insurance could help replace your lost income if you are unable to work due to an illness or injury. FINANCIAL ADVICE - Over half (57%) of selfemployed workers in the UK rely on personal savings when they are not working, yet a massive 81% aren’t seeking nancial advice. e research also found that almost half (48%) of self-employed people see their income uctuate as a result of owning their own business, with a similar proportion (49%) putting this down to being a freelancer, contractor or consultant. VULNERABILITY - As the cost of living rises and private rents and mortgages in the UK increase at the fastest rate in ve years, a quarter (24%) of those surveyed said they only had enough money to cover such costs for three months if they were unable to work. SECURE FINANCIAL PROTECTION - Not being eligible for Statutory Sick Pay (SSP) can prove a real problem for the self-employed and their nancial resilience. And while many have taken steps to secure nancial protection for them 13% of self-employed workers in the UK still don’t have critical illness cover or life insurance NOT SURE WHAT YOU NEED? When you’re selfemployed or a contractor, you get the perk of being your own boss, but you wave goodbye to traditional employee bene ts like company sick pay. To discuss how we can help protect your future nancial wellbeing and to discuss the options available to you, please contact Michael at Oyster Financial Planning. Michael Osman, Oyster Financial Planning
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