Nearly a quarter (23 per cent) of people with a pension are considering withdrawing money from it, or stopping paying in, or reducing the size of their contributions, to ease the pressure on their finances, according to a survey.
More than two-fifths (42 per cent) of 16 to 24-year-olds and just under two-fifths (38 per cent) of 25 to 34-year-olds are likely to make changes to relieve their current financial situation, the research from Aviva found. More than 2,000 people were surveyed between late September and early October.
Alistair McQueen, head of savings and retirement at Aviva, said: “When times are hard, we understandably try to find ways to cut costs, so considering your savings is an obvious thing to do. But it’s important to weigh up the pros and cons when it comes to your pension.
