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Section 1

Impact of COVID-19 & Lockdown on Retirement

Almost 9 out of 10 people say they plan their finances
But many still affected financially during the COVID-19 pandemic and regulated lockdown

 

 

Set goals and objectives based on retirement needs
Seemingly even more thought going into retirement planning than before

2020  
68%
Strongly agree
Arrow up
18%
Somewhat agree
 
4,44%
Mean score
arrow up

2020 n=307

 
2019  
60%
Strongly agree
 
23%
Somewhat agree
 
4,27%
Mean score
 

2019 n=524

 
2018  
40%
Strongly agree
 
27%
Somewhat agree
 
3,83%
Mean score
 

2018 n=345

 

Please tell me to what extent you agree or disagree with the following statement about financial planning: I plan my finances. I set goals that I want to achieve and work towards that.
Mean Score: Strongly agree = 5, Somewhat agree = 4, Neither agree nor disagree = 3, Somewhat disagree = 2, Strongly disagree = 1

 

 

The impact of COVID-19

The impact of covid-19 - Just Insights

% of respondents who agreed with the statement    Total n = 307

Please tell me whether you agree or disagree with each of the following statements about how the COVID-19 pandemic and regulated lockdown has affected you?

 

 

COVID-19 Market conditions forced an evaluation of retirement needs

48%
Strongly agree

25%
Somewhat agree

4,01
Mean Score

How did lockdown affect retirees specifically?
(Those who said they have retired/are no longer working)

  • 66% of retirees stated that the COVID-19 lockdown affected them financially
  • 70% re-evaluated what was important in retirement
  • Half said they had to find other means of income and had to make special arrangements to cover payments
  • Over 30% asked for assistance from family or friends
  • Almost 62% saying they looked more closely at their risks
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