Covid jobs crisis could have lasting impact on young people's pensions

New figures show only a few years out of the workforce can have a big effect on a retirement fund

The rise in the youth unemployment rate caused by the coronavirus pandemic is terrible news for Britain’s young adults – and could have a lifelong impact on their financial security, wiping out a large portion of their pension benefits.

Figures prepared exclusively for Guardian Money reveal how only a few years outside the workforce can have a dramatic effect on a person’s chances of building up a pension. Contributions in the early years of someone’s working life are crucial in generating a satisfactory sum to live on in retirement.

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