MSE News

Poll suggests people are cutting back on adding money to their pensions and investments as the cost of living crisis takes its toll

Sophie King | News Reporter

8 April 2022

A quarter of people have stopped paying into long-term investments, such as stocks and shares ISAs or pensions, as a result of the recent spike in the cost of living, a poll has found. Here are all the details.

The poll was hosted by investment platform Interactive Investor on its website, and while it's not nationally representative, 24% of the 1,473 people surveyed said they had stopped putting money into their stocks and shares ISA, pension or their children's junior ISA because of the cost of living crisis.

Of the 24% to cut back, the bulk indicated the biggest reductions would be made to their stocks and shares ISAs.

Talk to your providers if you're worried about paying bills

Much of the rise in the cost of household bills has been driven by the 54% hike in energy costs that hit on 1 April. If you're struggling, there's help available:

If you're worried about paying energy bills then talk to your provider as they may be able to help. They might offer you support to rejig your payments, set up a repayment plan or offer you a discount.
Most energy suppliers also offer access to hardship funds if you're in debt and struggling to repay. They offer schemes and grants to help with your energy costs, to replace faulty or old boilers, and to make your home more energy-efficient.
Find out if you're entitled to the Government's £150 council tax rebate designed to help pay energy bills.

For more help if you're struggling to pay your energy bills, see our energy bill help, plus our 90-point Cost of living survival kit.

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