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Navigating uncertainty

With households experiencing a financial squeeze due to the rising cost of living, many of us are worried about what’s ahead and how inflation will affect us financially in the future, as well as now. In fact, 29% of people say the impact of rising inflation has caused them ‘a lot’ of stress and 31% say they have spent more than they can afford in the past six months1 (data collected in July 2023). We’ve put together four videos to help you understand your options and navigate your finances.

Why you should keep paying into your pension

Pausing your pension contributions, even temporarily, can make a big difference to how much you’ll have saved for retirement. Once you’ve stopped your contributions, it’s easy to become reliant on that extra money. Starting to contribute again can be difficult. To make the right decision for you, it’s important to take your time and weigh the short-term benefits of stopping against the long-term benefits of contributing.

For more cost of living tips on how to prevent a pension gap click here.


Remember, in addition to what you contribute into your pension you could benefit from:

  • your employer paying into your pension. Every time you contribute, your employer does too, which helps you save more in the long run.
  • tax relief on your contributions. Your retirement savings get boosted by money that would otherwise go to HMRC.
  • compound growth. Any money you make from investing your pension is then reinvested along with any additional contributions. All these things mean saving regularly, even if it’s small amounts, gives you the best chance of growing your pension. But do remember, any growth is not guaranteed, and the value of your pension investments can go down as well as up.


When and how to ask for help

It can be difficult to ask for help if you’re struggling with your finances but asking for help is often the best way to stop your problems getting worse. If you’re concerned about debt, you have options available to you, like a payment plan or consolidation options.

Find a debt adviser near you by visiting the MoneyHelper website. If you have questions about your pension, you can get free and impartial advice using the Government’s Pension Wise service by calling 0800 011 3797.


1 The Fidelity Global Sentiment Survey, 2023. The data collection, research and analysis was completed in partnership with Opinium, a strategic insight agency. Data collection took place in July 2023 and included a sample of 1000 UK adults.

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