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Many workers are struggling with financial security, made even more pronounced by the COVID-19 pandemic – though most are still saving something for retirement, according to the report, Living in the COVID-19 Pandemic: The Health, Finances, and Retirement Prospects of Four Generations by the nonprofit Transamerica Center for Retirement Studies (TCRS), in collaboration with Transamerica Institute.
82 percent continue to contribute
A majority (60 percent) of the 3,109 workers surveyed had to make one or more adjustments to their finances due to the pandemic, including reducing day-to-day expenses, dipping into savings accounts and accumulating new credit card debt. Still, 82 percent of the respondents continue to contribute to either to their employer-sponsored plans or an outside account – or both.
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Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
