Up to 2.9m people saving into pensions are considering cutting contributions this year as the cost-of-living squeeze continues to put pressure on budgets, according to new research.

The research from pension provider iSIPP found that 35 to 54-year-olds were most likely to reduce or stop pension contributions.

Around 1.3m 35 to 54-year-olds are looking to reduce the amount they save for retirement this year compared with 770,000 18 to 34-year-olds and around 800,000 over-55s, the survey suggested.

More men are considering reducing pension contributions compared with women, with the research estimating that 1.54m men could cut back compared with around 1.36m women.

But the slightly more positive finding was that pension contributions were among the last to be considered for cuts, with just one in 20 considering reducing pension contributions, compared with almost half cutting back on clothes spending.

However more people said they would cut back on pension contributions - 5% - than would reduce insurance cover - 4% - or sell their car, with just 3% saying they would consider the latter.

When asked their priorities for regular monthly contributions, less than 0.5% chose pensions among their top three compared with 72% choosing utilities and 45% opting for a mortgage or rent. Around 12% chose TV streaming services.

iSIPP managing director Hrishi Kulkarni said: “It is particularly worrying to see that people aged between 35 and 54 are the most likely to reduce pension contributions as they should be the years when people are earning the most and can afford pension contributions.

“The silver lining to the cloud over pensions is that they are among the last financial commitments considered for cutbacks as incomes are squeezed. It is less reassuring to find that pensions don’t make it higher up people’s list of priorities although entirely understandable what the top three are.”

• The study was conducted by independent research company Opinium among a nationally representative sample of 2,000 UK adults aged 18-plus between 10 and 13 January using an online methodology.