When asked about minimum level auto-enrolment pension contributions, over three-quarters (76%) of those surveyed in the final quarter of 2022 were willing to support an increase.

Moreover, the most favourable approach amongst respondents (24%) would be for an increase of 5% or more.

An acknowledgement of the need for an increase in pension contributions perhaps reflect a desire amongst households for greater financial security, especially in the context of over two fifths (41%) of those surveyed having no retirement plans currently in place.

Meanwhile, over a fifth of households (23%) have become more willing to seek out professional financial advice than 12 months ago. When asked what had prompted this change, households overwhelmingly pointed to the corrosive impact on their finances of rising prices (35%), increasing energy bills (28%) and higher inflation, national insurance, and taxes (32%).

Job security worries were also noted as a reason to seek out professional financial help (14% of respondents).With income from employment reported to also be declining for all but the top earners, as well as the increases in the cost of living, it was perhaps unsurprising to see the most significant deterioration in household futures finances in nearly 15 years.

Emma Watkins, managing director, retirement, Scottish Widows, said: “Despite increases in the cost of living impacting household finances, it’s pleasing to see that there’s a significant rise in the support for long-term financial resilience through increased minimum level of auto-enrolment pension contributions.

“This is something Scottish Widows has advocated for a number of years, and growing household support should be welcomed by the industry and policy makers.

“The shift in attitudes towards financial advice is also very encouraging. It’s clear that households are increasingly seeing the value in seeking professional advice to better prepare themselves and their families for financial security in the future.”

The Scottish Widows Future Finance Index, which measures households’ overall perceptions towards future financial wellbeing, dropped to 25.1 in Q4, compared to 27.5, and its lowest level in 14 years of data collection.