Almost of fifth of those with workplace or private pensions have reduced or stopped pension contributions in the face of cost-of-living concerns
In a new poll by Ipsos, commissioned by NatWest, 88% of adults in the UK said that they are concerned by the rising cost of living.
As a result of this concern, 17% of those with either a workplace or private pension have either reduced or stopped paying into their pension.
55% of people have more than one pension, and of those, half have not attempted to consolidate their pensions. The main reasons for this include not feeling the need (27%), not seeing the advantage (22%), not knowing how (18%), thinking it too risky (13%), or find it too daunting (12%).
Almost a third (29%) do not know how much their pension pot is worth.
Technical Note
Ipsos interviewed a sample of 2,319 adults aged 18-75 in the United Kingdom. Interviews were conducted online from 3rd – 7th August 2022. Data has been weighted to the known offline population proportions for age, working status and social grade within gender and Government office region.
