UK Money News
18th June 2008
Soaring prices hitting pensions contributions
Britons of "all age groups and social classes" are scaling back their contributions to savings and pensions as soaring prices eat into their incomes, a new poll has revealed.
Earlier this week it was announced that the Consumer Price Index had risen to 3.3 per cent, with the increase driven principally by higher energy and food prices.
The impact of this on consumers has seen them cut back their savings for retirement, with 43 per cent admitting that they are currently contributing 'far less' or a 'little less' as a result.
Those in the North were most likely to have reduced saving for retirement, 48 per cent, while in London it was 39 per cent.
Andrew James, retirement planning manager at Edward Jones, said: "It's a big concern that the research shows people of all ages and social classes are cutting back saving for retirement in order to pay for essentials. If this trend continues then we are just storing up even more problems for the future.
"We all know the UK has a looming pension's crisis and this news just adds to the problem."
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