Research from iSIPP found those the age of 35 old cut back most on pensions savings, while in the 35 to 44 age group, a total of 35% made pension cutbacks.

More than half of those who are under 35 years old who have made cutbacks over the past year said that they had reduced payments before, and 28% revealed they have reduced or stopped pension contributions at least once.

Older group keep up pension payments

However, those aged over 55 years of age have maintained their commitment to pension savings in the face of the rising cost of living.

The survey found that less than one in three of those over 55 who contribute to a pension pot, have reduced payments or stopped them entirely in the past year.

However, the study also found that the over 55s are the least likely age group to restart pension payments after stopping them in the past year. Also around a fifth declared they will not restart at all, which is double the number for the UK as a whole.

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Encouraging news on over-55s

iSIPP Managing Director Hrishi Kulkarni said: “It is encouraging that savers over 55 have largely been able to maintain pension savings despite the continuing financial pressures from high inflation and rising interest rates.”

“It is also interesting that they are less likely to have cut pension savings in the past which should help their final retirement income as they will have had the benefit of saving as much as possible for as long as possible.

“Younger generations still have time to recover from the financial shocks of the past few years and should, where possible, prioritise pensions.”