While 58% of U.S. adults say they are in financial recovery mode as a result of the pandemic, 89% of them are confident they will ultimately achieve a full financial comeback.
That’s the key finding of a survey conducted by Northwestern Mutual, which found that average personal savings rose more than 10%, from $65,900 last year to $73,100 currently, and average retirement savings increased 13%, from $87,500 to $98,800.
The survey also found that while 33% of people say they have been able to save more over the last year, 31% say they are saving less or stopped saving altogether and 9% say they have had to dig into savings and are going backwards.
Among those who say they are in financial recovery mode, the survey found that only 14% are actively planning more than five years out, while 24% are planning month-to-month.
“Maintaining momentum over time will require a long-term view, and the study shows that planning horizons today are quite short,” Northwestern Mutual said in a release.
The survey of 2,320 Americans 18 or older was conducted between March 16 and March 26.
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Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
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