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Staying the course: Retirement savings in the age of COVID-19

Apr 20, 2020
Empower Institute

Empower Retirement customers have more success than the average American at keeping their retirement savings on track during the pandemic

As daily life changes in drastic ways due to the COVID-19 pandemic, a survey by The Harris Poll shows investors are concerned about the long-term economic impacts. However, Empower participants aren’t rushing to make changes to their retirement plans. In fact, according to internal data, they’re checking their account balances less frequently than the general public.

The research also indicates many Americans are uncertain about how to navigate the current market volatility. They’re seeking information from a variety of sources, some of which may not offer sound advice. But Empower customers are coming directly to us for guidance — giving them a better chance to keep their long-term savings on track through this challenging period.

Key findings:

  • While 52% of Americans plan to avoid looking at their retirement account balances until markets level out, 82% of Empower customers say the same.
  • Only 1% of Empower customers have made changes to their investment allocations, compared to 15% of average Americans.
  • During this turbulent time, most Americans are seeking financial advice from friends and family. In comparison, Empower participants are contacting Empower at increased volumes.
Research Paper Staying the course: Retirement savings in the age of COVID-19

Download the research paper

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