This is one of a series of questions posed by the FT writes Josephine Cumbo.
The FT writes in answer to the question above “If you do not have sufficient cash to meet your living costs, then temporarily halting your monthly pension contributions makes sense. One in 10 workers have done so since the March lockdown, according to research by Canada Life. However, advisers say you should think carefully about taking this step, and should consider other actions, such as lowering contributions, first.”
Clearly, if you need money today, why save for tomorrow! The issue is being clear what you need money for? Is it to maintain your lifestyle or to pay for food? We all convince ourselves we are doing the right thing, to justify our actions, but asking ourselves good questions about wants and needs will help you make the right decision.