Brits could be putting their financial future at risk by cutting their pension saving amid the cost-of-living crisis, Access People has warned, after analysis revealed a 36 per cent jump in the number of searches about how to pause employee contributions across the UK.

The research also showed that some regions saw even bigger spikes when comparing year-on-year searches, with Cardiff topping the list with a 133 per cent increase in searches.

London, meanwhile, saw a 48 per cent increase, while Oxford recorded a 35.5 per cent increase and Luton recorded a 35.3 per cent increase.

Access People MD, Charles Butterworth, highlighted the figures as demonstration that while employers might believe they have a responsibility to help their staff, this isn’t always translating into real support.

“The cost-of-living crisis is putting household budgets under extreme pressure and many people are looking to make savings wherever they can," he continued.

“Before making any decisions about their pensions, I’d urge employees to find out what support their organisation offers and take professional advice.

“Many offer employee assistance programmes, where staff can access counselling, as well as dedicated financial wellbeing advice and benefits, which can include anything from employee discounts to on-demand pay which allows them to draw down money they’ve accrued before pay day.”

Hargreaves Lansdown head of retirement analysis, Helen Morrissey, also warned that whilst the cost-of-living crisis has taken a huge toll on finances, opting out of pensions is a "major decision that can have long-term consequences".

"The issue is that people may opt out with every intention of opting back in as soon as possible but life gets in the way, and they forget," she continued.

"This means they don’t get re-enrolled for three years and in that time, they have missed out on important employer contributions, tax relief and investment growth to help boost their retirement income."

However, Morrissey also pointed out that whilst the increase in search traffic around pension opt outs is not surprising given recent financial difficulties, it’s also fair to say that just because someone searches for it doesn’t necessarily mean they will do it.

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