Caravan Insurance

Britain's van owners are not saving enough of their income for the future and could therefore find themselves in trouble come retirement, a new report has suggested.

Nearly three in five of the UK's self-employed are aged 50 or over, but despite being fairly advanced in their working lives, only two out of five of them are putting enough money away for when they give up work.

UK Van Insurance

The problem is that less than a quarter of people who work for themselves are able to save money regularly, according to Scottish Widows' report, with one in four estimating that they may even have to work till they pass the 70 mark as a result.

Pensions representative Ian Naismith commented on the popularity of working alone among the over-50s, saying: "It is understandable that as people get older and have greater experience in their profession that they would want to opt for a more flexible lifestyle, but the financial implications of self-employment are still profound."

The logic of good money management should be self-evident to most van owners, with a study last summer by Norwich Union showing that, despite crude stereotypes about 'white van men', three out of five are educated to at least GCSE or O-level standard.

Yet a lack of preparation for retirement seems to be endemic among most sole-traders at present, with a recent study by Barclays showing that four out of five have no idea what they will do with their business once they have retired.

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