COVID-19 Pandemic Wreaking Havoc on Americans’ Retirement Plans While Anxiety over Continued Market Risks Remains
New Study from Allianz Life Finds Nearly Half of Americans Are Cutting Back On Saving For Retirement
The COVID-19 pandemic is drastically changing how Americans view their retirement prospects and many fear the worst is still yet to come – at least in the short-term. According to the Q2 Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America (Allianz Life), 58% of Americans say the economic impacts of COVID-19 are having a negative effect on their retirement savings, and 54% say they are worried the market hasn’t bottomed out yet.
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New study from @AllianzLife finds the COVID-19 pandemic is drastically changing how Americans view their retirement prospects.
Worries over market volatility’s impact on their nest egg were steadily increasing over the past year, currently at 42% (up from 37% in this time last year). At the same time, the number of people who are worried about a major recession is at its highest levels in over a year, now at 65% (up from 48% in Q2 2019). However it’s not all bad news, as a surprising seven in 10 (69%) respondents say they still feel optimistic that there is time to rebuild their nest egg, even if the market continues to drop.
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“There was definitely angst about market swings before COVID-19, but the economic impacts of the pandemic are having a devastating effect on retirement saving,” said Kelly LaVigne, vice president of Consumer Insights, Allianz Life. “People are reassessing their financial strategies in light of current risks, and unfortunately, almost half say they have either reduced or stopped saving for retirement altogether because of the pandemic. The good news is people seem to be taking a long-term view and looking ahead to what’s next.”
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