Save and save less alike

About one in five who are soon to retire have slashed the amount they’ve saved this year, according to a new report.

Nearly 20% of people who plan to retire in the next five years have set aside an average of £342 less each month than they were doing a year ago, according Opinium Research boffins, acting on behalf of life insurer Liverpool Victoria.

Ray Chinn, head of pensions at Liverpool Victoria, said: ‘It is unsurprising that the over-50s are feeling concerned about their financial situation as along with the rest of the country they will be feeling the impact of low interest rates and high inflation, particularly on food and utilities.

’Yet the long-term impact of cutting pension contributions will be hugely detrimental to their buying power and quality of life in retirement.’

Looking after the pennies now means in retirment the pounds will keep flowing

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