Do you think you’re building a big enough pension pot that will support you from the age you plan to retire? According to a new report from the creators of financial planning app, Multiply, up to 4.8 million self-employed workers aren’t.

The survey canvassed 1,000 self-employed workers between the ages of 25 to 40 and found that this group is on course to overshoot their planned retirement age by more than a decade unless their current saving rate is increased.

Shockingly, over half of the freelance workers involved in the study, more than half of them admitted that they do not have a pension pot at all. The benefits of being your own boss have encouraged more and more people to take the leap into self-employment, with 15% of the UK’s workforce now working for themselves. That equates to 4.8 million people.

How much do freelancers need to save for their retirement?

Following the research, Multiply revealed that the self-employed say they need on average £35,628 per year to live on later in life. Despite this, the figures are showing that they are not saving enough to be able to enjoy this level of income at retirement.

The average pension pot amongst the group surveyed stands at £43,582, but with many freelancers still not paying into theirs, as mentioned above, it looks like many tradespeople might have some catching up to do if they want to retire on time.