Insurance and pensions company AXA have issued a warning that pension savings are likely to be cut, as families struggle to keep up with climbing levels of mortgage repayments and higher costs of living.
With the mortgage market in chaos, lending tighter and interest rates on mortgage loans up despite forecast cuts in Bank of England base rate, families may struggle to the extent that pensions fall by the wayside.
AXA say that some 20 per cent of families earning over £30,000 will stop saving or reduce their pension contributions. Steve Folkard, spokesman for AXA, reportedly commented: "If we don't tackle this issue this group are in for a wake-up call in retirement, they might find it will struggle to maintain its lifestyle once it's too late."
Pensions warning from AXA
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Pensions warning from AXA
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