Over half of over-50s fear they will run out of money in retirement due to the impact of the pandemic on their income and their ability to save, a new survey has revealed.

The scaling back of lockdown restrictions is boosting consumer personal finance confidence with one in seven expecting to increase pension contributions in the next year.

Scottish Widows technical and industry affairs manager, Johnny Timpson, has been appointed to the Financial Services Consumer Panel (FSCP) as he leaves the pension provider for an independent consulting career on 14 April.

The average woman in her 20s would have to work 37 extra years to retire on the same pension as a man of the same age and the Coronavirus pandemic has made the situation worse, according to new research.