Posted 11/12/2023, 11:59:00 PM
Pandemic Fuels Retirement Planning as Financial Worries Mount
- Retirement planning gaining prominence due to financial hardship during pandemic
- Inflation, economic slowdown, job instability, and unexpected health expenses worrying people about retirement
- Retirement moved up as a financial priority from 8th in 2020 to 6th now in survey
- Pandemic impacting people's attitudes and behaviors towards more saving and investing
- 67% respondents claim to have planned for retirement now versus 49% pre-pandemic
- Retirement funds like NPS gaining more traction among investors
- Meeting needs of children, dependents' financial security, and medical corpus top priorities over retirement planning
- Nearly half said pandemic changed their attitude, behavior and financial planning
- Allocations towards medical expenses increased post-pandemic for all
- 78% realize importance of financial stability and awareness of savings/backup now
- Economic slowdown a top worry for managing finances after retirement