One in five people would not increase their pension contributions “no matter what”, research from Hargreaves Lansdown has found.

When asked what would take them to contribute more, the most common response was if they received a pay rise, with 37 per cent giving this answer.

Almost a third of the 2,000 respondents said they would pay more into their pension if their employer promised to match their increased contributions, the second most popular response.

Hargreaves Lansdown found that this answer was particularly popular with young people, with 38 per cent of 25-34 year olds choosing this option.

Nearly a quarter (24 per cent) of respondents said they would contribute more if they received bigger payments from the government.

If they were advised to increase pension payments, 17 per cent said this would convince them to do so, while 16 per cent stated they would contribute more if they realised they had a potential financial shortfall.

“One in five people wouldn’t pay more into their pension – no matter what, while almost two in five said they would need a pay rise, and one in four said they want government to contribute more,” commented Hargreaves Lansdown senior pensions and retirement analyst, Helen Morrissey.

“However, there are far smaller changes that could make a big difference.

"The second most common answer was that people would pay more into their pension if their employer did. However, this might already be available. Many employers are willing to go beyond auto-enrolment minimum contributions and match employee contributions up to a certain point.

“The figures show this is a particularly popular option among younger age groups and over time this can really make a difference to their financial position in retirement.”

Morrissey noted that some savers just need a nudge to save more, while access to guidance and information could help savers take retirement planning to “another level” by empowering them to make retirement decisions.

“People often intend to review their pension contributions and then don’t get around to it - the right information can prompt people to act,” she continued.

“Almost one in five said they would contribute more if they were advised to while others said they would be spurred to act if a pension calculator told them they had a shortfall.”

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