WEALTH at work report: Protecting pensions in times of crisis
As financial pressure on household incomes continue, it is more important than ever that people are engaged with their finances, and this includes their pensions. Given recent concerns that cost of living worries may be impacting pension savings, WEALTH at work conducted research with employees into what’s happening in reality.
It found that whilst a minority are taking action now and either reducing or stopping pension contributions, many more admit they may consider doing so in the future. This will be of particular concern especially when lower fixed rate mortgage deals come to an end and if inflation doesn’t come down as quickly as initially thought.
Key findings
- 13% have either stopped or reduced the amount they pay into their pension due to rising costs
- 29% may consider stopping payments in the future
- 30% may consider reducing future payments.
The research also outlines five ways to help engage employees with their pension.
In partnership with WEALTH at work
WEALTH at work is a leading financial wellbeing and retirement specialist - helping those in the workplace to improve their financial future.
