While the Covid pandemic has caused more Americans to focus on saving, what to watch on Netflix and other streaming services still appears to be more of a concern than developing a financial plan or spending time on investments.
Those are among the key findings of a survey of U.S. retirement readiness by Schroders, which found that only 26% of non-retired respondents in the 60-to-67 age range said they have enough money saved for retirement. Almost two-thirds — 60% — said they do not have enough saved, and 14% said they did not know if their savings were adequate.
According to the survey, the activities on which Americans focused more during the crisis included health and fitness (53%), spending time with family (52%), saving for the future (39%), what to watch on Netflix and other streaming services (38%), planning to enjoy life more/bucket list (36%), developing a financial plan or strategy (29%) and their investment portfolio (26%).
While 38% of respondents reported saving less money since the start of the crisis, 43% said their savings rate was unchanged and 19% said they are saving more.
The majority (62%) of all working respondents to the survey said they plan to keep working in retirement in order to stay busy (57%), because they enjoy working (56%) and to cover basic living expenses (53%).
Schroders said its annual U.S. retirement survey was conducted in late January among 1,000 U.S. consumers between the ages of 45 and 75.
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