COVID-19 impact on retirement savings/plans in the U.S. 2020, by generation

Published by
Fernando de Querol Cumbrera,
Feb 8, 2023
The impact of the coronavirus (COVID-19) pandemic on the retirement plans of households in the United States varied greatly across the generations considered. As of 2020, approximately one-quarter of the millennial surveyed (24 to 38 years of age) declared to have withdrawn from their emergency fund or savings account because of the coronavirus pandemic. On the other hand, this impact was reported by only ten percent of the respondents aged between 55 to 73 years (boomers).

Impact of coronavirus (COVID-19) pandemic on retirement savings/plans in the United States in 2020, by generation

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Release date

June 2020

Region

United States

Survey time period

April 24 to May 4, 2020

Number of respondents

1,153 respondents

Age group

24-73 years

Method of interview

Online survey

Supplementary notes

Millennials: 24-38 years.
Gen X: 39-54 years.
Boomers: 55-73 years.

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Statistics on " Savings during COVID-19 in selected advanced economies worldwide "

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United Kingdom

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