One in five entrepreneurs have no savings left after ploughing money into new ventures and finding they are burdened with debt built up from bank borrowings or capital raised from friends reports The Telegraph.
The shortage of funds is the main barrier to saving, but other reasons were listed by the 200 who provided data for the Scottish Widows Savings & Investments survey.
Ian McGowan, head of savings and investment at Scottish Widows, said it was short-sighted not to plan: “Those who are self-employed must ensure that they are considering their long-term future as well as the short-term necessities of paying off debts and running a business.”
