Pandemic-related lockdowns indisputably took a massive toll on the mental health, educational attainment, and social development of countless young Americans, but it is becoming increasingly evident that they also did a great deal of damage to the savings habits and retirement prospects of millions, and nothing the Biden administration is doing appears to be helping, as the Daily Wire reports.
The outlet cites a recent study published by financial services firm Fidelty known as the “State of Retirement Planning” survey in support of the proposition that the economic upheaval that began in 2020 and continues to this day has resulted in disruptions on a serious scale.
According to the study, 25% of those who participated declared themselves financially “less confident than they were” prior to the pandemic, though nearly 80% remain optimistic about their ability to choose the timing and manner of their eventual retirement.
Perhaps even more notable, however, were the responses from members of the so-called “Next Gen,” which the researchers characterized as individuals between age 18 and 35, in that 55% of those respondents revealed that their personal retirement planning has been on hold as a result of the pandemic.
A jarring 45% of respondents in that younger cohort further indicated that the fail to “see a point in saving until things return to normal,” with 39% indicating a belief that they will retire later than they might otherwise have done.
Though Fidelity noted that while it is true that newer members of the workforce “have time” to get their financial houses in order, they also “need to ensure they are making smart retirement decisions,” the Daily Wire added.
Sadly, the profligate government spending that arguably contributed heavily to the skyrocketing inflation currently plaguing all Americans, though perhaps momentarily facilitating savings on the part of some, has not produced enduring adjustments in behavior, at least according to the 2022 Planning & Progress Study published recently by Northwestern Mutual. The survey revealed that not only have savings rates decreased since 2020, reserves accumulated during the same period are being spent down.
Though the Biden administration continues to try to deflect blame, disguise the severity of inflation, and tout the work it claims to be doing to improve the financial condition of everyday Americans, President Joe Biden himself appears to lack a firm grasp of exactly what is happening at present.
During a recent interview with ABC’s Jimmy Kimmel, Biden bizarrely characterized the electorate’s financial concerns as being mainly a problem of perception, insisting, “We have the fastest growing economy in the world.” However, in a succinct and necessary rebuttal, the Republican National Committee swiftly pointed out, “[t]he economy shrank last quarter,” perhaps rendering a return to robust finances and sound retirement planning less and less likely for large swaths of the populace.