Americans Face Financial Burdens as COVID-19 Cases Rises Again

Americans are really feeling the financial burden this year as many lost jobs during the COVID-19 pandemic. Nela Richardson, Principal and Investment Strategist with Edward Jones discusses how Americans are dealing with their finances.

Video Transcript

NELA RICHARDSON: Hello, everyone. I'm Nela Richardson, principal and investment strategist with Edward Jones, bringing you a Minute Market Update. The pandemic has impacted numerous areas of our lives, but Americans are especially feeling the financial burden greater. According to a new study from Edward Jones and Age Wave, the financial security of 1/4 of Americans has been significantly compromised.

In particular, the downturn has affected younger generations. Nearly 1/3 of Gen Z and Millennials characterize the impact as very or extremely negative, while only 16% of Boomers and 6% of the Silent Generation say they are affected to that degree. The pandemic has also significantly impacted retirement plans for millions.

These findings show that 20 million Americans have stopped making regular retirement savings contributions during the pandemic. Even as the economy begins to bounce back slowly, the loss of financial stability will affect many for years to come. For more information on the new nature of retirement, visit EdwardJones.com/NewRetirement.