Cost of living crisis: Urgent warning issued to people struggling financially not to reduce pension contributions
manchestereveningnews.co.ukWith the cost of living crisis making an impact on almost everybody, you may be looking for quick and easy ways to cut back which won’t impact you as much.
A seemingly simple thing to do which you may consider could be to cut your pension contributions. This is advised against, however, as it could seriously affect you in the long run.
The latest Which consumer insight tracker found 59% of people made an adjustment to cover essential spending last month, and 28% were forced to dip into their savings.
If you're auto-enrolled into a pension scheme run by your employer, it's likely that at least 5% of your salary is going into your pension. READ MORE: Minister says people should work more hours or get better job to protect themselves from cost-of-living But although reducing or stopping your contributions could be a tempting quick win for your finances, Which says it will have consequences when you come to retire.
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