If you think that older Americans have struggled to cope with this epidemic, think again. According to a new study by the financial services firm Edward Jones, they were actually performing much better than their younger counterparts.
Edward Jones and Age Wave research has focused on how different generations have been emotionally and financially stable in the months since the house closure, and some of the findings are astonishing how even people in their 70s suddenly fell in love with Zoom. .
"The impact of COVID-19 has permanently changed the reality of many Americans, yet we have seen a steady decline among American retirees unlike younger generations," said Ken Dychtwald, Ph.D., founder and CEO of Age Wave, a leading researcher. consider the problems of old age, retirement and longevity.
While acknowledging in advance that the virus itself is a malignant disease in older adults, five-generation samples of 9,000 people, 18 years of age and older, show more than a few miracles. Among them
• While 37 percent of Gen Zers, 27 percent of the Millennium, and 25 percent of Gen Xers claim to have had “mental decline” since the virus arrived, only 15 percent of Baby Boomers have responded in the same way.
• The best performers are those 75 years of age and older - The Silent Generation following the so-called "Greatest Generation" - only 8% of respondents reported any mental health deterioration. That may seem contradictory, as did the Boomers' results (aged 56 to 74), in early warnings that long-term isolation from the community puts older adults at greater risk for depression, anxiety and depression.
• About 68 million Americans have changed their retirement age due to the epidemic, and 20 million have stopped making regular retirement savings.
According to Dychtwald, the resilience of two older generations “has a positive effect on life.”
He says: “They have seen wars and other disturbances before, and they know that this too will pass. The younger generations feel, ‘What has happened in my life? I mean I had to go to college or start a new job, and now everything has changed. '”
Many retired Boomers and Silent Gens also have monthly Social Security checks to return. Which explains why - although the epidemic has severely reduced the financial security of a quarter of the American population - younger generations were severely beaten: About one-third of Millennial and Gen Z respondents described the impact as "very bad or very bad," compared to 16. Boomers and 6 percent Silent Gens admit the same difficulty.
Are you looking for any silver lines out of the COVID-19 disaster?
Well, 67 percent of respondents said they brought their families closer.
"This epidemic has brought us the most important relief in our lives," said Ken Cella, team leader Edward Jones. "And important discussions have taken place regarding pre-retirement planning, extra savings in emergencies, and even talk about end-of-life plans and long-term care costs."
And as research shows that a surprising percentage of retirees crave more ways to use their talents for the benefit of the community, financial services firm Edward Jones believes it is time to redefine retirement "fully" to integrate what he calls the "four pillars" of health, family, purpose and and finance.
Dealing successfully with most of those pillars is acknowledged to take financial information beyond what many of us have, though, especially in view of the ever-increasing costs. But a financial adviser, like the local Edward Jones, has the vision, experience and compassion to help.
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