Results from a Q3 Retirement Security Survey

Nov 20, 2020 / Amanda Chase, Horsesmouth Assistant Editor

Principal conducts periodic periodic “pulse” surveys with customers, employers, financial professionals, and consultants to gain insights into timely topics. The survey findings reported here explore consumer concerns and actions surrounding saving for retirement, financial behaviors related to market volatility, and Covid-19.

Consumers’ concern with market volatility has lessened over the past quarter and the majority continue to stay with their investments. New concerns have arisen related to Covid-19. Workers continue to have concerns with small businesses in their community staying afloat. Another top concern is that the U.S. economy may enter a deep recession.

The top concern for retirees is children, teachers, and school administration employees saying safe this school year. They’re also concerned about Covid-19’s long-term financial implications for themselves and their families, as well as for the small businesses in their communities. Nearly two-thirds of workers anticipate the pandemic is impacting their pay to retirement as well.

75% of consumers tell us they plan to make changes to their financial health as a result of Covid-19 and market volatility. The top changes consumers plan to make include spending less, looking at their financial accounts more frequently, save more money, and paying down debt. Nearly 40% of workers and 60% of retirees report having enough in their emergency savings to pay expenses for more than seven months. Nine out of ten report they could cover an unexpected expense of $2,500 or more.

You can find the full Principal study here.


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