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Workers Are Saving for Retirement Despite Challenges Amid the Pandemic
Staff Report//September 14, 2021//
Workers Are Saving for Retirement Despite Challenges Amid the Pandemic
Staff Report//September 14, 2021//
Listen to this articleDespite six in 10 employed workers (60 percent) having made adjustments due to pandemic-related financial strain, 82 percent are saving for retirement, according to Living in the COVID-19 Pandemic: The Health, Finances, and Retirement Prospects of Four Generations, released by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®.
As part of TCRS’ 21st Annual Retirement Survey of Workers, one of the largest and longest-running surveys of its kind, the new study examines the retirement outlook of Generation Z, Millennials, Generation X, and Baby Boomers. It is based on a survey of employed workers conducted in late 2020 and contains recommendations for workers, employers, and policymakers to improve retirement security.
“Workers are weathering a public health crisis and contending with fears about the virus and vaccinations, concerns for family and friends, employment impacts, and financial setbacks,” said Catherine Collinson, CEO and president of Transamerica Institute and TCRS.
The survey findings illustrate the experiences of workers across generations that can impact their health, financial well-being, and ability to save and invest for retirement:
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