Almost half (46%) of Financial Planners have had clients withdrawing funds from their investments to cover essentials bills and address income shortfalls due to the cost of living crisis, according to a new report.

The increases in the cost of living due to inflation are hitting 50-59-year-olds the hardest, according to new research.

Pension specialist Cartwright has handed each staff member a one-off cost of living payment of up to £2,000 to help them cope with the current challenging financial times.

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.