PROVIDENCE – The pandemic threw a wrench in many young workers’ retirement plans, with more than half of Generation Next workers saying they had to press pause on saving during the last two years, according to a new study by Fidelity Investments Inc.
The 2022 State of Retirement Planning Study highlighted how the pandemic has impacted retirement plans, with disparate attitudes from different generations. Workers as a whole appeared confident that their retirement plans were still on track, with 8 in 10 saying they can retire how and when they want.
However, among Generation Next workers, nearly 40% say they will retire later than expected after having put their savings plans on hold during the pandemic, according to the survey. And nearly half aren’t going to start saving again until things “return to normal,” the survey stated.
Among Generation X workers, 14% said they feel it will take another four or five years to get their retirement plans back on track after being derailed by the pandemic.
And across age groups, inflation remains a top concern, with 71% of survey takers worried about how it will impact their retirement plans.
The study reflects results of an online survey of 2,622 adults with at least one investment account.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
