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One in ten (11%) UK adults had paused or diminished their pension contributions in March, in line with a brand new report.
Virtually 1 / 4 (24%) of the over 500 Britons surveyed by YouGov on behalf of Scottish Widows in March had already dipped into their financial savings.
Over a 3rd (35%) deliberate to chop again on non-essential leisure and vacation spending, whereas others had been being pressured to make tougher selections, resembling reducing again on necessities like meals and utilities (16%).
Over half (57%) of these surveyed mentioned they had been involved about their funds in retirement, with the same quantity (50%) saying they didn’t really feel they’re getting ready adequately for retirement.
One in 5 (18%) mentioned their pension financial savings are invested in money or cash-like belongings, or low-risk belongings resembling UK Authorities bonds, or that they’re planning to speculate their pension in such belongings.
Based on Scottish Widows, the common individual between 35 and 54 years outdated who holds half of their £36,200 pension financial savings totally in money could possibly be uncovered to losses of over £1,300 in a single yr in actual phrases, and over £2,100 in two years.
Over 15% of these between 50 and 59 held, or desired to carry, the vast majority of their pension financial savings in money. This rose to 29% for these already retired.
One in ten (11%) of respondents of their 50s mentioned they had been apprehensive about having to entry to their pension financial savings early to assist their short-term monetary resilience.
Pete Glancy, head of coverage at Scottish Widows, mentioned: “We face a myriad of points and there aren’t any straightforward options. It’s sadly comprehensible that households are being pressured to make some powerful decisions of their budgets, but it surely’s vital they achieve this while taking a longer-term take a look at their funds.”
YouGov surveyed 5,025 adults between 8 and 15 March on behalf of Scottish Widows. An extra 1,002 adults had been surveyed on 30 March to higher perceive the retirement prospects of minority ethnic teams.
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