Many self-employed have no plans to fund retirement

savings, according to research carried out by Prudential.

The study shows that 43% of self-employed people cannot afford to fund their retirement. Only 17% of them regularly contribute to a pension, while another 6% only make contributions when they can.

Angus Willson, at Investment Solutions, said: 'Focussing on day-to-day finances is second nature for those who are self-employed. However, not considering or planning for the longer-term is a risky approach, especially if those who own their own businesses do not want to work past their ideal retirement age.'

A further 16% have either foregone saving, or are relying on their businesses to fund retirement, while 6% expected never to stop working. The research also revealed that there was little appetite for saving in the future, with 52% admitting to having no plans to start saving, or resume pension payments.

So if you are self-emploed, what are your plans to fund for your retirement?