Savings, Furlough

Savings set to be ‘put to the test’ as furlough ends this week - impacts for Britons

The power of #savings is set to be 'put to the test' as the #furlough scheme ends this week

9/27/2021 11:27:00 PM

The power of savings is set to be 'put to the test' as the furlough scheme ends this week

A FURLOUGH warning is being issued to Britons as the scheme comes to an end this week. With the form of Government support concluding for the final time, one expert has warned long-term savings are due to be 'put to the test', which could create a level of financial strain, particularly for those whose jobs are at risk.

Of particular concern is job security, as businesses under pressure financially could be forced to let go of staff they can no longer afford. This could create a ripple effect amongst the jobs market.One expert has warned of the personal implications of the end of furlough, suggesting it could put a strain on long-term savings vehicles such as workplace pension arrangements. 

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Kate Smith, Head of Pensions at Aegon, offered insight on the matter, suggesting that a risk of unemployment could be one of the major hurdles Britons are forced to confront post-furlough.She said: “While the number of people receiving furlough support has gradually diminished, the latest figures show that there were nearly 1.6million people still in receipt of furlough at the end of July. 

READ MORE: Furlough warning as end of scheme set to ‘put savings to the test’(Image: Getty)“As the scheme winds-up it will put employers, the jobs market and also people’s savings habits to the test.“It’s as yet unclear whether the re-opening of the economy will mean those still on furlough will have jobs that they can pick back up, or whether their roles are now at risk of redundancy.

“We’ve heard a lot about labour shortages in certain sectors but that doesn’t necessarily mean those out of work will rush into roles they may not want or may be unsuitable for.”However, as Ms Smith highlighted, despite the turbulence of the last year and a half, many people have continued to save, particularly through long-term vehicles such as a pension.

Read more: Daily Express »

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