'It was quite a shock. The increase impacted my wider finances significantly,' Finn says of the mortgage increase
Like many households amid the cost of living crisis, Finn Wheatley is feeling the pinch from every direction.
It means that someone with a £200,000 mortgage remortgaging from a two-year fixed deal to another two-year fixed deal at the average rate would see their monthly costs jump from around £900 to £1,250. Wheatley used to contribute about 15 per cent of his salary into his pot, which was topped up by his employer. Now, however, he’s reduced the amount he puts in by about 10 per cent.
“So I made the decision to lower my pension payments. It was a last resort, as I’m very conscious of the importance of saving for retirement, but it felt like the area where I could make a change without dramatically affecting my current quality of life.” When you look at those who have only started supporting their adult grandchildren due to the cost of living crisis, this figure rises to 28 per cent.
If they paused for three years, their pension pot would be worth £403,000, rather than £434,000 had they not taken any breaks, while a five-year hiatus would reduce the pot to £382,000.
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