The COVID-19 pandemic upended Individuals’ lives, together with, in lots of circumstances, retirement funds and plans. An October 2022 survey report from Transamerica Middle for Retirement Research and Transamerica Institute, “Rising From the COVID-19 Pandemic: 4 Generations Put together for Retirement,” examined the pandemic’s affect on child boomers, Era X, millennials and Era Z.
The research centered on the experiences of employed staff of for-profit corporations and the pandemic’s affect on their lives. Transamerica surveyed over 5,000 individuals in late 2021 when COVID-19 circumstances have been surging and plenty of companies have been nonetheless undecided about on-site versus distant work.
The generations are divided by yr of start:
- Era Z: Born 1997 to 2012
- Millennial: Born 1981 to 1996
- Era X: Born 1965 to 1980
- Child Boomer: Born 1946 to 1964
Survey individuals have been requested a couple of vary of subjects, together with the impacts of the pandemic, their present monetary scenario, visions and expectations of retirement and retirement financial savings, plans and preparations. Outcomes assorted considerably among the many generations.
Take a look at the slideshow to see how these 4 generations’ approaches are altering.
Ed McCarthy is a contract monetary author who holds the licensed monetary planner and retirement earnings licensed skilled designations.