The biggest impact of Covid-19 on people’s financial wellbeing is not that money has become more digital. Nor is it nervousness about losing their job tomorrow.
It’s their longer-term financial uncertainty. Will I be ok when I go on retirement? What kind of support can I expect from the state? Do I need to work longer than I want to?
People are living longer but retiring sooner. Yet our research finds no shortage of confusion and anxiety as soon-to-be-retirees nervously eyeball their 401(k)s and dwindling savings. A year of layoffs and lockdowns has only added to this financial uncertainty.