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Young Americans say pandemic could cause delay in retirement

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Posted at 8:27 PM, Dec 09, 2020
and last updated 2020-12-09 20:27:39-05

In a survey of 1,250 Americans who have a full-time job, 51% of millennials and 60% of those in Gen Z, say that the pandemic could cause them to delay their retirement. The survey was commissioned by Broadridge Financial Solutions.

Millennials also were more likely to modify their retirement plan due to the pandemic. But older age groups were much more likely to adjust their reoccurring expenses and to withdraw from an emergency fund.

"Now more than ever employees are reliant on their employers to provide them with the proper tools and resources to meet their financial goals," said Cindy Dash, Senior Vice President at Matrix Financial Solutions, a Broadridge company. "What's very interesting is that two-thirds of respondents said they would leave their job if an employer took away a financial wellness benefit that is important to them. In navigating the aftermath of the pandemic, employers are going to face increased pressure to provide enhanced financial wellness benefits, especially if they reduced their offerings during the pandemic. If not, they will risk losing their valued employees."