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the over 50's are better prepared for pandemic

study shows that financial security and feelings of resiliency depends a lot on age.

by emma jones
published aug 11, 2020
last updated aug 18, 2020
read time 3 minute read
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read time 3 minute read
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older adults may be better prepared mentally and financially for covid
canadians are also reportedly increasingly seeing retirement as a "new chapter of life" yacobchuk / istock / getty images plus
despite the greater health risks covid-19 poses to older adults, boomers are more likely to report they are coping with the pandemic well versus younger generations, according to a study released by edward jones.data collected from 1,000 canadian respondents asked about hope, dreams and fears surrounding retirement and growing older. this was part of a larger study completed in conjunction with age wave and harris polls, which collected data from 9,000 north americans ranging in age from 18 to 75 and over.

this, too, shall pass

in questions focused on mental well being during the pandemic, 23 per cent of boomers (ages 56 to 74) and 41 per cent of the silent generation (ages 75 and over; the term ‘silent generation’  refers to the generation’s abundance of caution in voicing political opinions as young adults due to economic instability and the danger of being labelled a communist sympathizer during the mccarthy era) reported they were doing ‘very well’ during the pandemic. this is in contrast to 13 per cent of millennials and 19 per cent of gen z reporting similar feelings.
boomers and the silent generation are more likely to report they are coping very well with the pandemic
boomers and the silent generation are more likely to report they are coping very well with the pandemic the four pillars of the new retirement survey by edward jones

financial stability takes edge off covid-19

this finding is likely due to two reasons. one is financial stability — boomers and the silent generation are more likely to be in good financial shape, thanks to decades of being in the work force and access to a pension or old age fund. they are also likely to have paid off their mortgage, and thus will not be as greatly affected by an economic slump.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
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

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story continues below
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
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
this result reflects a change in attitudes towards retirement that was already occurring before the pandemic.“while retirement was transforming in many ways long before covid-19 entered our lives, this pandemic has accelerated some key retirement trends,” david gunn, head of edward jones canada, and ken dychtwald, co-founder of age wave, wrote in the report. “this landmark study reveals that, more than ever before, retirement is far more than a destination than an end point.”approximately 51 per cent of canadian retirees see retirement as a new chapter in life, rather than a time to retire from the hustle and bustle of mainstream society. reportedly, the intention is to be more active and explore different facets of life that they were unable to while working.
the majority of respondents see retirement as a new chapter in life
the majority of respondents see retirement as a new chapter in life the four pillars of the new retirement survey by edward jones
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canadian society for exercise physiology
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as the report concludes, “the new retirement is a time of deepening family relationships, personal reinvention, the discovery of new purpose, and the beginning of a whole new chapter of life.”emjones@postmedia.com | @jonesyjourndon’t miss the latest on covid-19, reopening and life. subscribe to healthing’s daily newsletter coming out of covid.

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