America’s financial outlook in the face of a pandemic
For many Americans, this uncertain time has turned into an uncertain future.
During an era where social distancing, staying home and self-quarantining are the norm rather than the exception, the global pandemic is changing the way people across the country — and around the world — are living every day.
In fact, as an original survey conducted by the Harris Poll for Empower Retirement reveals, Americans are more stressed about overcoming the financial strain of a poor economy than they are of actually catching COVID-19 itself. Overall, 82% are worried about the long-term impact of a potential recession in the United States.
Now more than ever, there is an opportunity to offer advice and restore optimism as individuals adjust to today’s current culture.
- Many adults remain unsure on how today’s crisis affects their savings strategy
- Investors appear content on “staying the course” despite volatility in market
- Employees want guidance from their employer on how to manage their retirement account
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Through in-depth interviews with government savers, Empower Retirement has found that preparing for retirement remained a primary objective for most during the COVID-19 crisis.
Americans strive toward financial independence — having the freedom to spend how they want to.
According to Empower research, some Americans have taken advantage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act provision to draw from their retirement accounts early.