Retirement poverty | Cost-of-living crisis sees staff fearing for their pensions

As the UK population is squeezed by unprecedented financial pressures, a growing number of workers are planning to stop or reduce their pension contributions, a new study has found.

New research commissioned by Cushon, the fintech workplace pension and savings provider, has revealed that nine in ten of people are struggling to make ends meet – with only one in ten (10%) saying they don’t have any financial concerns - raising fears around people’s financial future as well as their present.

The rising cost of living is a real concern for more than half of the UK (52%) with those aged 55 and over more concerned (56%). Rising bills (59%) are the biggest worry for UK adults, with the figure standing at 64% for women and 74% for the 55+ age group. And a third (32%) of people are concerned about the spiralling cost of putting petrol or diesel in their vehicle.

Amid these growing concerns, a quarter (25%) don’t see how they will be able to pay their bills over the next six months. This figure rises to over a third (36%) of 18-34 year-olds.