Half of Brits have stopped saving as crisis hits
Almost half (46 per cent) of Brits have stopped paying into their pensions, investments and savings in order to cope with the ongoing cost of living crisis.
New research from price comparison website NerdWallet has found that 63 per cent of those who had either reduced or stopped saving, said that they planned to resume contributions within six months. A further 14 per cent said they hope to do so between nine and 12 months’ time.
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“The cost of living crisis is having a negative impact on individuals and families right now, curtailing their ability to save, invest or contribute to their pension,” said Richard Eagling, pensions expert at NerdWallet.
“People are having to take these more severe measures to plug the financial gaps they face, decisions which will sadly have a negative impact on their long-term finances if they are unable to reverse them soon.”
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The research found that women are more likely to be reducing their future savings than men. 47 per cent of women have cut down on their savings, compared with 44 per cent of men.
Meanwhile, 41 per cent of women said that they can’t afford to save as they need to spend all of their income in order to meet the basic costs of living, compared to only 35 per cent of men.
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