Economic downturn hits retirement prospects

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Retirement is becoming a distant dream for the owners of many transport businesses as the prospect of recession looms, according to a survey by Clifton Asset Management (CAM).
Anthony Carty, director at CAM, said 65 per cent of the business owners questioned felt that their retirement was now further away than it was a year ago, with transport, construction, retail and manufacturing among the worst affected.

CAM questioned more than 1,000 business owners, across all sectors, about their retirement plans.
“Hauliers and the like have already had to endure several months of rising fuel prices. And although prices have now fallen as a result of the economic slowdown, the prospect of a full recession, ongoing stock market turmoil and the bail-out of the banks will do nothing to calm the fears of transport bosses when they come to weigh up their retirement options in the coming months. “
The research also found that while across all sectors, 71 per cent of owner-managers said they were generally optimistic about the prospects for their business and only 13 per cent were definitely pessimistic, almost a quarter (24 per cent) said they would have to reduce their payroll in the next six months.  

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