Cutbacks in the recession

A recent article in the Telegraph suggested that despite the recession, people are more likely to cut back on their pension savings rather than curb their spending on clothes or eating out - you will find the link to article and the organisation that produced the survey below

http://www.telegraph.co.uk/finance/personalfinance/pensions/6416142/New-clothes-more-important-than-pensions.html


I wonder whether this is an example of people adopting a 'devil may care' attitude as suggested in the article or, is it more likely that people are more wary of investing in financial products at the moment - especially in view of the very low interest rates and recent instability in financial markets?

What do you think?
Lynne