A new survey reveals that more Americans have made saving a top priority during the pandemic, but also that many aren’t sure whether they’ve saved enough for retirement.
According to Schroders’ second annual U.S. Retirement Survey, saving for the future is among the top three activities Americans have devoted more attention to since the pandemic began. Overall, activities with increased attention include:
- Health and fitness (53%)
- Spending time with family (52%)
- Saving for the future (39%)
- What to watch on Netflix and other streaming services (38%)
- Planning to enjoy life more/bucket list (36%)
- Developing a financial plan/strategy (29%)
- Investment portfolio (26%)
And while the findings show that there has been an increased focus on saving, more than one-third of respondents (38%) reported saving less since the start of the pandemic. However, 43% said their savings rate was unchanged and 19% said they are saving more.
Asked how they felt about the amount of retirement planning they’ve done, just 27% of non-retired respondents said “very good” and they were “fully on track,” while only 18% of non-retired respondents near or at retirement age (60-67 years old) said the same.
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