Skip to main content
We're here with practical information for your business. Learn about business planning, running a business and more.

Search

For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

One in ten over-55s don't have a pension

1 December 2020

New research by MoneySuperMarket has found that many Brits do not have their financial houses in order when it comes to pensions, life insurance and wills.

MoneySuperMarket has studied data from its Prepared for Life tool as well as almost 300,000 life insurance enquiries to learn more about British financial planning habits.

It has found that nearly two-thirds of Brits underestimate how much pension they need, with one in five (19%) saying they could manage with a pension pot of just £50,000 - 81% less than the recommended £262,500.

Most concerning is the number of people aged 55 and over who have not made provisions for their old age. The findings show that:

  • Almost half (46%) of over-55s have not yet written a will;
  • One in ten in this age bracket don't have a pension at all;
  • Three in five over-55s (60%) do not have life insurance.

The results show that 21% of Brits across all age groups don't have a pension, including 17% of those aged 45-54 and 29% of 35-44-year olds.

"It's interesting to see the number of people enquiring about life insurance across different age groups that are yet to prepare their financial futures," said Neal Cross, life insurance expert at MoneySuperMarket. "The importance of life insurance, pensions and wills are often overlooked, which could explain the disparity between the recommended pension pot of £262,500 and how much people believe they'd need to get by.

"Life insurance premiums increase by age, therefore, the longer you wait to get it, the higher your monthly payments are likely to be. Similarly, if you stop paying for life insurance and repurchase it at a later date, your premiums will still go up, purely down to the fact you will be older when reapplying. So, it's recommended to start making your monthly contributions towards your pension as early on as possible making sure your next of kin are covered in the event you pass away."

Written by Rachel Miller.

Stay up-to-date with business advice and news

Sign up to our lively and colourful newsletter for new and more established small businesses.

Contact us

Make an enquiry