Cost of living - supporting you in uncertain times

Here’s some information about how we can support you if you’re worried about your finances and where you can go for more help.

If you’re worried about how the cost of living is impacting your finances, there is support available to help you decide on the best way to manage your money, and your savings and investments with abrdn. We’ve outlined some things to think about.

Get financial advice

Before you make any decisions about your finances, we always recommend taking financial advice from a regulated financial adviser.

If you already have a financial adviser, you should discuss any change in your circumstances with them. They can advise on the best course of action for you.

If you don’t have a financial adviser, you can find one in your area using services like Expert advice does cost money, but any charges will be fully explained to you before you commit to anything.

Reduce your outgoings by pausing or reducing your contributions

If you need to, you can pause your contributions to any of our products without any penalties. This can be for as long as you need. You can also change the amount you pay.

So, if you need to stop or reduce your contribution amount, just get in touch by calling us on 0345 279 1001(option 2)

And then when you’re ready you can contact us to restart or increase your contribution again.

Things to think about:

Pausing your pension contributions is a trade-off between money to use now and more money when you access your retirement savings. If you pause your pension contributions, you may lose out on payments from your employer and miss out on tax relief from the government. So, you may need to work longer to achieve the same level of pension when you retire. If you can afford to, continuing to contribute each month, even if it’s a small amount, could help you stay on track for your retirement.

Increase your income by taking an income on your pension

Most people can only access their pension once you reach age 55.

If you are eligible, you may wish to consider taking income from your pension.

Or, if you’re already receiving pension income, one of the key benefits of pension drawdown is the ability to vary the amount you receive. You can increase or decrease the amount you receive from your pension to suit your needs and circumstances.

Things to think about:

Please bear in mind if you start to drawdown from your pension pot, this will reduce the amount you have invested in your pension for later in life. It will also affect how much you can pay in in the future. If you are thinking about starting to draw from your pension you can get guidance on things to consider via PensionWise (see below). If you would like to discuss this, please call us on 0345 279 1001 (Option 2)

Diversify your investments to reduce risk

Your savings and investments are secure with abrdn, but the value of these will rise and fall with the markets.

While you can’t control how markets perform, you can control where you’re invested.

If you’re only investing in one or two types of investments, then you’re potentially exposing yourself to more risk.

Diversifying your investments – spreading your money across different types of investments - can help reduce the amount of risk you take, and potentially give more consistent returns, with fewer and less severe ups and downs.

We can’t give advice. However, if you would like to discuss how to do this, please call us on 0800 027 4675.

Protect your savings and investments from scams

There is a heightened risk of fraud and financial crime at the moment. Find out more in our article about how to spot a financial scam and help protect your savings and investments.

More organisations that can help

We always recommend getting expert advice from a financial adviser, but there are lots of other organisations that can help.


A government service that has useful information on pensions and retirement. You can get free and impartial guidance from their team of experts.


For people over 50 and provides free, impartial guidance on your pension options. You can book a free appointment with a pension specialist.

Citizens Advice

A national charity that offers confidential advice. They have lots of information on how to manage your finances and get help with the cost of living.