HOW CAN THEY BOUNCE BACK FROM PANDEMIC PROBLEMS?

Financial resilience is the ability to withstand life events that impact one's income and/or assets. Some financially stressful events, such as unemployment, divorce, disability, and health problems can affect people in different ways, and it’s clear that many Americans have been facing short-term money challenges brought about by COVID-19.

A new survey shows say the pandemic has changed their perceptions of what’s important in life as it relates to their finances. For example:
A majority of adults (nearly 60%) say they have experienced financial stress amid the pandemic.
About two-thirds now want to save more, view emergency funds as more important than ever, and place more value on being resilient.
One-third had their employment affected.
1 in 5 had to tap into an emergency fund.
1 in 4 took on more debt.

But there are strategies to help everyone achieve financial resilience in today’s climate.

Strategies include:
Increasing retirement savings: Saving for retirement is a top contributor to financial resilience, yet 60% of respondents report they’re falling behind.
Having a source of guaranteed lifetime income in retirement: 90% agree it’s important to have source of income that will not run out as they age, but most don’t know how to make that happen.
Building an emergency savings fund: 77% of individuals now report having emergency savings compared to prior to the pandemic when only 69% said they had savings for emergencies.
Paying down dept: Nearly 65% of those surveyed say they have some form of debt beyond their car or mortgage.


Shelly-Ann Eweka, Director of Financial Planning Strategy at TIAA to discuss strategies of how Americans can focus on long term financial planning, especially during periods of economic uncertainty. She’ll also reveal details of the Financial Resiliency Survey.
Interview is courtesy: TIAA Financial Services
for video and more info, to go http://goodnewsplanet.com/what-are-americans-top-financial-priorites-in-2021/