Number of people cutting pension contributions slows

After years of unrelenting pressure on our finances, there are finally signs the cost of living crisis is starting to lift. Research we carried out recently shows only 17% of people said they had stopped or cut back pension contributions over the past six months. This is down from well over a fifth of people (22%) who did the same thing this time last year. There are also signs that people are looking to rebuild their pensions after these tough times, with 7% saying they had chosen to boost contributions over the past six months. A further 2% said they had hiked contributions after previously cutting back. However, digging a bit deeper we see older people were far more likely to cut back, with one quarter of the over 55s saying they had done so. This compares to just 11% of the 18-34s. This could be due to an early exit from work due to long term sickness for example. The most recent Labour Market data shows economic inactivity in the latest quarter being driven by older workers leaving the workplace. Read more: What is the Lifetime ISA? And how it could help you in your retirement If they already...

Read more