Cost of living is the major factor for people aged between 45 and 54, with 62% saying an increase in the price of everyday items has prevented pension top ups, the majority of 35 to 44 year olds (57%) and 25-34 year olds (56%) also saw it as a major problem, even for those closest to retirement, aged over 55, a quarter were worried.

One in four had reduced pension contributions due to higher rent and mortgage payments (24%), and debts (16%), found the latest Retirement Confidence Index by Nucleus, a retirement adviser platform.