An August 2021 report from the Transamerica Center for Retirement Studies, Living in the COVID-19 Pandemic: The Health, Finances, and Retirement Prospects of Four Generations, examines the experiences four generations – Generation Z, Millennials, Generation X, and Baby Boomers – and the impacts of the pandemic on their health, employment, financial well-being, and their ability to save and invest for retirement. The report finds that despite six in 10 employed workers (60 percent) having made adjustments due to pandemic-related financial strain, 82 percent are saving for retirement.
As part of TCRS’ 21st Annual Retirement Survey of Workers, one of the largest and longest-running surveys of its kind, the new study is based on a survey of employed workers conducted in late 2020 and contains recommendations for workers, employers, and policymakers to improve retirement security.