Despite coronacrisis, employees are saving money for retirement

The survey examines the retirement outlook of Generation Z, Millennials, Generation X, and Baby Boomers

retirement

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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