Workers in crisis-hit sectors face savings crisis

Many workers in sectors that shut down during the COVID-19 lockdown could be facing a retirement savings crisis, according to a report.

Scottish Widows polled 5,757 savers for its annual retirement report, which was undertaken in March 2020 - during the height of the pandemic.

Two-thirds (67%) of retail workers fear running out of cash if they ever retire, while 62% of construction workers admit they are not saving enough.

The report suggests that a savings gap is widening for people working in these sectors, plus others in hospitality, tourism and culture.

As a result, these workers are now facing new financial pressures that make saving for the long-term even more difficult.

Pete Glancy, head of policy at Scottish Widows, said:

"The next 12 to 18 months is going to be about businesses getting back on their feet after the pandemic.

"But many individuals have taken a substantial hit to their finances and the fear is the gap cannot be closed.

"That means they face a lifetime of work as they struggle to afford to retire."

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