Ms Cook explained how PMI research shows that a significant proportion of the general public is saving at rates “lower” than they were twelve months ago, but while they are aware of the impact this will have, they “feel that they have no alternative”.
However, Ms Cook pointed out: “By reducing or stopping contributions altogether, savers will be subject to a ‘double whammy’ in that they will not enjoy the benefits of tax relief or employer contributions.
“Our research serves as an early warning that the public is finding it harder to take a longer-term view of retirement saving when short-term pressures have become so great.”
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