A Social Security cost-of-living adjustment could have a small but positive impact on retirement planning.
Despite the longer hours and increased pressure, running your own business brings greater satisfaction and a happier outlook on life according to research from AXA Business Insurance among business owners and employees.
As the number of people starting businesses continues to boom in the UK, the good news is that being "the boss" you are three times as likely to be extremely satisfied with your job than those who are "employees". And it seems that the key to job satisfaction is learning and challenging yourself - for over half of business owners this was their key driver. While the less satisfied employees cited money as being their biggest motivator.
The research among 2000 UK workers found that business owners spend on average four more hours per week in the office than employees and nearly twice as long outside the office thinking about work. Additionally, running a business means fewer holidays - only 45 percent take more than three weeks break while 88 percent of employees take three weeks or more. Only 15 percent of business owners say they can switch off from work mode outside of business hours while 55 percent of employees find it easy to leave the office behind.
When it comes to stress levels, while business owners were more likely than employees to say they felt regularly or constantly under pressure at work they were also 35 percent more likely than employees to say they perform best under pressure. The biggest stress factors for the boss are customers while for employees it's the boss! However, a cautionary note for business owners - they are more likely to be taken ill with stress than employees.
Yet despite all this, business owners were just as likely as employees to find time to do things for themselves or with their family outside the home. And nearly 50 percent more prone to be completely contented and happy with their lives.
Darrell Sansom, Managing Director at AXA Business Insurance says: "The UK workplace is changing rapidly and it is great to see that for many who set up on their own, the rewards in terms of job satisfaction are great. However, stress can be a problem for those in charge and we would urge that people look to find expert help in mitigating that stress through developing systems and support that will see their business through a crisis.
"There are many resources for small business owners and at AXA we run our website Business Guardian Angel which can provide help and support in many of the key areas important to those running a business."
AXA Business Insurance is part of AXA Insurance UK plc, which belongs to the AXA group of companies.
The AXA Group is a provider of insurance and asset management.
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