Nearly half of self-employed workers have admitted to having no pension savings, leaving themselves dependent on the State Pension when they retire.
The findings, by Prudential, revealed a shocking 54% of self-employed people can not afford to make any provisions for the future, whilst a depressing 18% claim they do not have a pension as they feel they will never retire.
The economic climate has spelt tough times for businesses. Lending to small and medium-sized businesses remains tight, despite calls for more accessible credit, whilst high taxes and overheads have battered profits.
Stan Russell, retirement expert at Prudential, said: "It's sometimes hard for self-employed workers to distinguish between their business and personal finances.
"Often, investing in the business takes priority over saving for retirement, an issue that is particularly prevalent now, given the tough economic conditions facing UK businesses."
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