Two in three freelancers are sitting on a "pensions time bomb" by failing to provide financially for their retirement, new figures suggest.

Research by Crunch Accounting shows two-thirds have no pension and less than half putting in place any preparations for retirement.

Darren Fell, managing director of Crunch, said: “with the economy picking up, I would advise anyone working for themselves to think of the future and invest in their retirement.”

The survey of 280 freelancers also revealed that one in four had yet to give any thought to retirement at all, while just 15 per cent were confident they were saving the right amount.

According to government figures, one-person businesses make up around 15 per cent of the workforce. An extra 750,000 people have become self-employed since the start of the credit crunch.

Crunch Accounting’s survey involved freelance IT consultants, writers and designers among other professions.