Effect of COVID on Silver Sagers vs Younger Generations
In a survey of more than 9,000 Americans queried in May and June, Edward Jones and Age Wave found that across five generations only 16% of baby boomers (56 – 74 year old’s) and 6% of our silent generation (75 and older adults) felt that COVID-19 had a very negative or extremely negative impact on their financial security. Compared to our children (Millennials 24-39 year old’s) and grandchildren (Gen Z 18-23 year old’s), who felt the opposite. Younger adults reported that COVID-19 has seriously impacted or ruined their financial stability at almost double the rate as their baby boomer parents.
Moreover, the younger folk also reported a greater decline in their mental health since the pandemic started while those over the age of 56, reported little effect on their mental health. Most Silver Sagers own their own homes, which certainly helps with a safety net. More than 60% of retirees have no mortgage. Yet, it’s not just the financial security that helps Silver Sagers but the fact that many folk have gone through other rough times before historically and so they may be better at adapting and accommodating with this new COVID-19 crisis.
As Silver Sagers we are doing okay. We have resilience and grit. And together we will all get through this to a new normal.
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