Nearly every American has felt the impact of the pandemic on the ability to save for retirement.

“Retirement is expensive, and Americans were struggling to save enough money for it long before the pandemic,” according to a report from The Penny Hoarder on its recent survey. “The economic turmoil of the pandemic underscored some critical lessons about investing for the long term, including keeping calm during turbulent markets and using market slumps as an opportunity to invest when prices are low.”

Nearly 17 percent of Americans say they’re saving less money for retirement because of the pandemic, while 16 percent are saving more, according to The Penny Hoarder. However, the economic fallout has been far from uniform.

Geography. People in the Northeast were much more likely to save extra money for retirement in response to the pandemic than respondents in other regions, Among Americans who reported saving more, 44 percent live in the Northeast. The numbers tell a different story in the South. Among those who are saving more, just 14 percent live in the South, while 31 percent of people saving less are Southerners.

Disruptions in the tourism industry may be causing a slower economic recovery in the South than other parts of the United States. Other economic factors — including a state’s median wages, unemployment rate and overall cost of living — also affect how much someone can save for retirement.

Read more @Benefits Pro