What the markets meltdown means for you

Even if you have never bought stocks and shares directly or through a fund, you may have a pension that invests in them.

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Should I worry if I don't own stocks and shares?

Workplace pension schemes - whether public or private sector - hold a lot of money in the stock markets. If you have a scheme that pays out a figure depending on the performance of those investments, you could be affected.

The downturn in the markets gives companies less money to invest, and it signals concern over the future of the economy, so it suggests companies could batten down the hatches and decide not to take risks or expand, which would be bad for jobs. There could also be redundancies if companies become concerned about future costs.

Sarah Coles, the head of personal finance at the advice firm Hargreaves Lansdown, points out that the government is relying on growth to make its economic sums add up, and falling stock markets could knock this plan off course.

"[The government] needs a healthy economy to bring in enough tax revenue to stay within its tax rules," she says.