The survey examines the retirement outlook of Generation Z, Millennials, Generation X, and Baby Boomers
Despite coronacrisis, employees are saving money for retirement. Source: pexels.com
Despite 60% of employed workers having made adjustments due to pandemic-related financial strain, 82% are saving for retirement, according to the research.
Indeed, 6 in 10 have made adjustments due to pandemic-related financial strain. That includes reducing day-to-day expenses (32%), dipping into savings accounts (24%), accumulating new credit card debt (17%), reducing or stopping contributions to retirement accounts (14%), forgoing health care (14%), borrowing money (13%), moving (9%), and stopping rent or mortgage payments (7%).
At the same time, Millennials, Generation Z, and Generation X (71%, 69%, 59%, respectively) are more likely than Baby Boomers (40%) to have made any adjustments.
The survey has also found that 43% of the respondents experienced one or more negative impacts to their employment, including reduced hours (27%), reduced salaries (14%), furloughs (10%), layoffs (8%), and early retirement (4%).
Generation Z (59%) is more likely to have been negatively impacted than Millennials, Generation X, and Baby Boomers (51%, 39%, and 30%, respectively).
Meanwhile, 62% cite paying off one or more types of debt as a financial priority. Generation Z (35%) is more likely to cite paying off student loans, while Millennials, Generation X, and Baby Boomers are somewhat more likely to cite credit card debt (43%, 42%, and 37%, respectively).
We’ve reported that Brits are cancelling their subscriptions in less than a year.
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