Over-55s have continued saving into their pensions despite the temptation to cut back in the face of rising living costs, according to a new report.

Less than a third (31%) of over-55s surveyed by SIPP provider iSIPP have reduced or stopped their retirement savings in the past 12 months.

The survey partly contradicts other recent studies which have suggested significant numbers of pension savers have cut back or halted pension contributions.

Despite the majority avoiding cutting back, according to the study around a fifth (22%) of over-55s who have stopped saving have said they would not restart, in comparison to 11% of retirement savers as a whole.

Younger generations, however, are cutting back on pension saving.

Two in five under 35s have cut back and 35% of those between 35 and 44 have reduced retirement saving.

Nearly a quarter (23%) of those who had cut back on retirement savings in the past year had done so multiple times.

Hrishi Kulkarni, managing director at iSIPP, said: “It is encouraging that savers over 55 have largely been able to maintain pension savings despite the continuing financial pressures from high inflation and rising interest rates.

“It is also interesting that they are less likely to have cut pension savings in the past which should help their final retirement income as they will have had the benefit of savings as much as possible for as long as possible. Younger generations still have time to recover from the financial shocks of the past few years and should, where possible, prioritise pensions.”

• Opinium surveyed 2,000 UK adults on behalf of iSIPP in January.