Four out of five workers fear they will have to work longer until retirement because of the cost-of-living crisis.
Some are even considering cutting back on pension payments because of a savings shortfall.
Figures from workplace financial education provider Wealth at Work showed that 83% of people are concerned they will have to work longer before retiring to make up for a shortfall in savings, with 43% very concerned.
Some 29% said they may consider stopping pension payments in the future because of the crisis with 13% saying they have either stopped or reduced the amount they pay into their pension.
Meanwhile 33% of people think they won’t ever be able to afford to retire at all because of increasing costs.
Worryingly, when it comes to getting support with their pension, 56% say they speak to unqualified sources such as their partner, family, friends or colleagues (40%), or no one at all (16%).
Very few speak to their pension provider (15%), employer (13%), a regulated financial adviser (8%) or specialist bodies such as Pension Wise (4%) or Money Helper (3%).
Jonathan Watts-Lay of Wealth at work said: “It’s alarming that these latest figures suggest that so many people are thinking about stopping or reducing their pension contributions to help alleviate current financial pressures.”
“As highlighted in the research, it is very common for people to turn to their friends and family for guidance on their pensions, but they may not be the most qualified or indeed knowledgeable source. The good news is that many employers are now offering financial education in the workplace, as well as other support for employees.”
The research was carried out by Opinion Matters between 13/4/23 and 17/04/23. 2025 UK adults aged 22+ in full time employment were surveyed.
