One in 4 self-employed relying on property
The research from Prudential said of those who have failed to make any private pension provision, more than half (54%) said this was because they simply could not afford to set money aside.
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.”
Prudential’s study also highlights a significant gender divide among business owners when it comes to saving for retirement, with 59% of women saying they have no pension, compared with 37% of men.