Two in five millennials cut pension payments in lockdown
Our research for Royal London has found that millennials were most likely to have reduced (28%) or stopped their pension contributions (12%) altogether due to Covid-19. By comparison, just 16% of those aged 35-54 said they were halting or decreasing their pension payments.
It also revealed that affordability was the most common reason for altering pension contributions. More than half of 18-34-year-olds said they changed their pension contributions because of affordability concerns.
However, it also showed this is unlikely to be a long-term issue. Eight in 10 people said they plan to resume or increase their contributions at some point in the future.
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