AXA pensions warning

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AXA pensions warning

Households earning more than £30,000 will attempt to cut spending this year in the face of so-called Middle Britain Inflation.

Pensions savings will be cut by families struggling to keep up with rising mortgage payments and the increased cost of living, says AXA.

Services normally accessed by this group are subject to growing inflation, currently at 5.7 per cent.

About a fifth of these high earners will either stop saving or reduce pension contributions, AXA predicts.

Spokesperson Steve Folkard said: "If we don't tackle this issue this group are in for a wake-up call in retirement."

He added that unless this group acted now, "they might find it will struggle to maintain its lifestyle once it's too late".

The AXA poll revealed 15 per cent of individuals in households earning more than £30,000 have been forced to get a second job or to send a non-working family member out to work.

Recent figures from the Office for National Statistics show household savings are at their lowest levels for almost 50 years.ADNFCR-323-ID-18537274-ADNFCR

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