Cost of living crisis spurs shift in pension contributions

A survey of advised clients conducted as part of M&G's Family Wealth Unlocked report for 2023 showed an additional 7% stopping temporarily or saying it was unlikely they would be able to start again. In contrast, 16% said they had somewhat increased their contributions. Furthermore, these changes were not exclusive to workplace pensions, as the data showed almost identical trends in private pensions, with 14% decreasing and 16% increasing their contributions somewhat. Despite the economic uncertainty, families prioritised the financial well-being of the next generation. A total of ...