Many self-employed not prepared for retirement, according to ASFA

According to ASFA research, many self-employed Australians have little or no superannuation, or other retirement savings.

ASFA CEO, Pauline Vamos, said a key finding was 'the significant gap in retirement savings of Australia's self-employed compared with wage and salary earners within the wider Australian labour force'. Ms Vamos said that while the self-employed sector makes up over 10 per cent of the paid labour force, it has relatively low levels of superannuation. Around 28 per cent of the self-employed sector has no superannuation, while a further 53 per cent have super balances of less than $40,000.