Owner-managers postpone retirement

Four out of five business owners say they will have to retire later than they expected a year ago as the recession deepens, according to research.

The number of owner-managers who see their retirement prospects receding further into the distance is on the rise, according to Neil Greenaway, MD of business finance provider Clifton Asset Management, which conducted the survey of more than 1,000 business owners.

Says Greenaway, ‘In our last quarterly survey, 65 per cent of those questioned said their retirement had been put on hold, and this was in itself an increase on the previous figure of 56 per cent.’

More than a third of respondents say they do not plan to retire at all, adds Greenaway, up from a fifth in the last survey.

Owner-managers in the South East and South West are most optimistic about their prospects, according to the research, with 51 and 43 per cent respectively believing their region is better placed than the UK as a whole, while those in Wales (20 per cent) are the most pessimistic.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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