The 1 Thing Most Investors Wish They'd Had Before the Pandemic Hit
The COVID-19 pandemic has had a profound impact on Americans' health, way of life, and personal finances. Thanks to its effects on the economy, some 21 million Americans currently remain out of work, while millions of others are on furlough, have taken pay cuts, or are working fewer hours. At the end of May, the national unemployment rate hit 13.3% -- the highest since the Great Depression. Investors have been on a roller coaster, trying to navigate the ups and downs while determining which investments will be solid in the long run.
The hardships and uncertainties were confirmed in a recent survey by Allianz Life Insurance, which found that 58% of Americans say the pandemic has had a negative effect on their retirement savings. "There was definitely angst about market swings before COVID-19, but the economic impacts of the pandemic are having a devastating effect on retirement saving," said Kelly LaVigne, vice president of consumer insights at Allianz Life. To that point, the survey revealed that during the pandemic, 45% of Americans have either cut back on or stopped saving for retirement entirely.
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Source Fool.com
