Insights | 01.05.21
More Workers Want Financial Advice as Pandemic Sharpens Desire for Security
Three-fourths of current workers and retirees are concerned about how the ongoing pandemic will affect their retirement savings, according to the latest Principal Retirement Security Survey. Consumers say health and financial security are their two top priorities this year. They also expressed a need for advice as they navigate their financial plans. Workers and retirees both plan to make changes to help improve their financial health, such as: spending less (35 percent), saving more (29 percent), and paying down debt (25 percent) The percentage of respondents who work with financial professionals jumped several percentage points compared to pre-pandemic survey findings. Financial professionals and those in the retirement industry may be able to offer valuable support to help individuals feel more prepared for retirement by increasing education about guaranteed income. Retirees using guaranteed or anticipated income sources during the COVID-19 pandemic say it has enabled them to feel their basic expenses are covered (89 percent) and be less concerned during bouts of market volatility (56 percent).
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