Insights | 03.03.21
Pandemic Makes Americans More Financially Focused, Allianz Says
Almost two-thirds of the respondents in the 2021 Retirement Risk Readiness Study, a survey of 1,000 Americans sponsored by Allianz Life and fielded in December 2020, said that they are now paying more attention to what they are saving and spending. Many of the survey’s respondents also said that they are engaging in a number of strategies to help boost their retirement readiness, including saving adequately within a retirement account, diversifying their retirement savings, researching the various risks and expenses associated with retirement, and making a formal plan with a financial professional. Allianz compared a prior cohort of respondents from the vintage of the study fielded in December 2019 to the 2020 respondents, finding that the proportion engaging with a financial professional to create a formal retirement plan increased from 29 percent to 37 percent year-over-year. In 2020, 58 percent of the respondents reported cutting back on their spending.
Read the full article on Financial Advisor.