Two in five (40%) of people aged 18 to 34 have stopped (12%) or reduced (28%) pension contributions as a result of the Coronavirus pandemic, according to a new report.

Millennials were most likely to have reduced or stopped pension saving during lockdown, compared to 16% of those aged 35 to 54, according to the new research from Royal London.

Affordability was the most common reason given for altering contributions with 40% citing it. More than half (51%) of 18 to 34-year olds altered their pension contributions due to affordability during the Coronavirus pandemic lockdown.

Almost eight in ten (79%) said they plan to resume or increase their contributions at some point in the future.

More than one in ten (11%) had already resumed or increased contributions with 37% that said they plan to do so within three months.

Nearly one in five (18%) of those surveyed had stopped or reduced contributions on other savings or investment products as a result of the pandemic. Those under 35 were more likely to have done so (29%).

Opinium surveyed 2,000 people on behalf of Royal London between 9th and 12th June in a nationally representative omnibus survey.