Rocketing petrol and food prices have caused around 43% of Britons to save less for their retirement, according to a survey by financial services company Edward Jones.
The research also shows a further 23% had not even started saving for their retirement.
Figures are very similar across all age groups and social classes but there were some geographical differences. Those in the North were most likely to have reduced saving for retirement, 48%, while in London it was 39%.
Andrew James, retirement planning manager at Edward Jones, says: “It’s a big concern that the research shows people of all ages and social classes are cutting back saving for retirement in order to pay for essentials. If this trend continues then we are just storing up even more problems for the future.
“We would like to see clearer guidelines on pension rules to allow the industry time to talk to people about saving for the long-term, and helping to educate individuals in the UK about how tax efficient saving for retirement can be - and the earlier people start the easier it will be.”
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