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Savers 'missing pension payments to pay for education'

People are missing out pensions contributions in order to meet the cost of their children's education, a new YouGov poll shows.According to the survey, 23 per cent of UK adults are diverting funds from their pensions due to the financial burden of school and university fees and extra classes.Overall education costs were found to have increased by 13.2 per cent over the past year.By way of comparison, the government's annual benchmark inflation rate stands at just 2.1 per cent over the same period.Private school fees currently average out at around £9,000 - providing a particular cost burden for some.Commenting on the research, Ed Gardner at MetLife said: "In the current economic climate, everyone's finances are under strain and it is understandable if people cut back."Paying for education is a vital investment in the future of our children, but it is worrying when that investment is being made at the expense of future retirement income."

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