Cost-of-living 'squeeze' sees 25% of savers forfeit pension contributions

Women bearing biggest financial burden

Eve Maddock-Jones
clock • 3 min read

A significant portion of UK adults are pulling out of their workplace pension to try and cope with the cost-of-living crisis, research from Charles Stanley has found.

The investment management firm recently conducted a survey of 2,086 UK adults last month to assess what were the key concerns for the general population and how they were reacting to these issues. Top of the list was the rising cost of living at 58% and rising inflation was a close second (42%). The third biggest concern for those polled was that they would not be able to save enough for retirement (29%). UK economy rebounds with 0.5% growth in May Given that this was a high point of concern for UK adults it was a surprise that a quarter of those surveyed had already chosen to stop...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Reeves to consider £2bn raid on tax-free pension lump sum

Reeves to consider £2bn raid on tax-free pension lump sum

Telegraph reports PCLS cut could help plug £50bn public finances hole

Jonathan Stapleton
clock 21 August 2025 • 3 min read
State pension age review: Govt launches call for evidence

State pension age review: Govt launches call for evidence

UK faces long-term demographic pressures

Jenna Brown
clock 18 August 2025 • 2 min read
'Barriers are institutional, not technical': Industry split over ten-day pension switch proposal

'Barriers are institutional, not technical': Industry split over ten-day pension switch proposal

After PensionBee calls for a legally enforceable transfer guarantee

Sahar Nazir
clock 18 August 2025 • 2 min read