according to the survey, 30 per cent and 29 percent of gen z and millennials respectively report a very negative impact on personal financial security due to covid-19. furthermore, in a reversal of traditional life roles, an estimated 1.8 million canadians have provided financial support to adult children through the covid-19 pandemic.
gen z and millenials are most likely to report covid-19 has had a very negative impact on financial security
the four pillars of the new retirement survey by edward jones
the second reason has to do with life experience.
“people from older generations have been around a lot longer and, with experience, they have learned to take big crises in stride,” david cravit, chief marketing officer at carp and a demographic analyst,
told zoomer
.
colin milner, ceo of the international council on active aging, also explained in the report: “[older adults] have seen wars, jobs eliminated, and other changes in the world. they understand that this, too, will pass.”
a changing relationship with retirement
the pandemic has also caused a shift in the relationship canadians have to retirement — causing some to put it off and others to pursue it earlier.
according to the report, eight million canadians may change the approach to retirement. approximately 33 per cent say they may retire later, primarily due to the negative financial impact of covid. in contrast, eight per cent plan to retire earlier than expected, due in large part to realizing that there are more important things than work.
eight per cent of respondents said that covid-19 has influenced them to retire earlier
the four pillars of the new retirement survey by edward jones