Britons may find that pressure on their finances increases as they get older, new research shows.

In its 2008 Retirement Savings Report, Prudential indicated that the amount of money people are investing into their pensions has dropped by about half during the last 12 months. At present non-retired consumers are contributing an average of 114 pounds and 57 pence each month into private and company pension schemes, making an annual saving of 1,734 pounds. Such a figure indicates a fall of about 134 pounds per month in comparison to investments made in 2008.

Research from the financial services firm also revealed that more people are failing to make any contributions towards a pension pot. At present some 55 per cent of Britons claim that they are not saving into a retirement package, a rise of one percentage point from the 54 per cent of consumers who stated they were not doing this in 2007.

Following on from a shortfall of savings, it may be possible that consumers struggle to manage various demands on their spending as they get older. Such areas could include making repayments on personal loans, meeting the cost of property repairs or paying household bills.

However, financial problems could be more pronounced for women in particular. The Prudential study showed that just under two-thirds (63 per cent) of females are failing to make contributions into a pension scheme, compared to 44 per cent of men.

In addition, the study showed that those putting money into a private pension scheme expect to be able to withdraw an annual average pension of 22,504 pounds with this rising to 26,355 pounds among men. Prudential warned that people will have to increase the amount that they save. It was revealed that to obtain the typical amount a 20-year-old male would have to put away £286 every month until he is 65, while a woman of the same age would need to save 413 pounds every four weeks for a period of 40 years.

Commenting on the figures, Gary Shaughnessy, managing director of retail life and pensions for Prudential, said: “It is deeply concerning to see that the amount UK adults are personally paying into pension schemes has fallen so dramatically in the past year. With rising prices and a squeeze on savings, reducing pension contributions may look like an attractive short-term option, but the reality is that continuing to save as early as possible is vital if people are to build a pension pot large enough to maintain their lifestyle in retirement.

“While we always encourage people to look at their wider wealth portfolios (including housing equity and other savings) the current uncertain economic conditions and concerns over house price deflation means that maintaining pension contributions is more important now than ever.”

For those consumers worried about their ability to save for retirement, taking out a consolidation loan may be helpful. By getting such a loan, borrowers can merge numerous constraints on their spending into a single low-cost monthly repayment. This could leave them with more disposable income on a regular basis, money which could then be placed into a retirement fund.

Debt consolidation loans could be of particular use to many Britons after a recent Citizens Advice study showed a 35 per cent rise in consumers experiencing problems with mortgage arrears during January and February. People were also shown to be struggling with credit cards and overdraft repayments.

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