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.

“It’s truly remarkable that after everything workers have been through – employment setbacks, financial setbacks – they are still saving for retirement,” says Catherine Collinson, CEO and president of Transamerica Institute and TCRS. “Keeping their eye on the future.”

Baby boomers (84 percent), Gen Xers (84 percent) and millennials (82 percent) are more likely than Gen Zers (70 percent) to be saving – though the younger generation started saving at an earlier age than their older cohorts, according to the survey.

Among those saving for retirement, Gen Zers started saving at age 19 on average, millennials at age 25, Gen Xers at age 30, and baby boomers at age 35 on average.

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