The figures climbed to almost half - 49% - of workers aged 18-34.

According to the provider’s research, one in ten (12%) pension savers has already reduced the amount they pay into workplace savings.

The main reasons for cutting back on pensions, according to the research, was the cost of living (55%) and rising mortgage costs (15%).

The firm warned that while stopping pension savings can increase take home pay by £1,404 per year it means losing out on £4,092 in pension savings a year for workers earning £35,000.

Royal London quoted the example of a worker earning £35,000 a year and in a workplace pension scheme saving 5% matched by their employer. They could increase their take home pay by £117 per month, or £1,404 a year, if they stopped paying into their pension. However, in doing so they would miss out on £341 per month or £4,092 per year in pension savings, as a result of lost matched contributions and tax relief.

For a higher rate taxpayer on a salary of £70,000, the difference is starker.

While they could bump up their take home pay by £3,360 a year by stopping 8% in matched pension contributions, their pension pot would be worse off by £12,192. Their pension savings would also be worse off by a projected £31,508 in 20 years’ time had they not taken a one-year pause.

Justin Corliss, senior pensions development manager, said: "The decision to pause pension contributions is one that needs to be weighed up carefully, especially for those at the start of their career.

“Stopping or reducing contributions might be necessary for some, but it is vital that decisions are not taken on a whim.”

• Royal London commissioned a survey by Opinium between 1 and 8 August with a sample of 6,003 nationally representative UK adults.