A May 2020 report from the Transamerica Center for Retirement Research provides a detailed view of the attitudes and behaviors of Millennial, Generation X, and Baby Boomer workers as they strive to attain long-term financial security, both before and during the current coronavirus pandemic. The report is based on data from a survey of more than 5,000 workers in the U.S. conducted in late 2019, and supplemented by a survey of 2,000 in April 2020.
As of April 2020, almost one in four U.S. workers say their confidence in their ability to retire comfortably has declined in light of the coronavirus pandemic. The report found 58 percent of workers have experienced one or more impacts to their employment situation as a result of the pandemic, including reduced work hours (29 percent), reduced salaries (17 percent), layoffs (16 percent), furloughs (11 percent), and early retirement (5 percent).
Importantly, the report also highlights opportunities that can help mitigate the negative economic effects of the pandemic and improve retirement prospects.