TIAA Perspectives

Financial resiliency survey: The impact of COVID-19 on Americans’ finances

The pandemic has presented major health and economic shocks, and families across the country have felt financial stress. Three thousand Americans weighed in on how this time is shaping their financial security and future retirement.

Key insights

We polled Americans ages 25-70 with a household income of at least $40,000 to understand what they're experiencing and how to help them move forward.
Here’s what we found:
 
Poll of Americans earning at least $40,000 show 60% had some type of financial stress due to COVID-19

Findings

Americans highlighted the biggest contributors of feeling financially resilient.1
 
Feelings of financial resilience - 44% of Americans say more in retirement savings is biggest factor

Increasing retirement savings

Individuals value retirement as their #1 financial priority, and 8 in 10 people place importance on guaranteed lifetime income.

Find out how much you will need in retirement

Learn about guaranteed lifetime income

See how much income you could have in retirement

Building an emergency fund

66% want to save more and place more importance on emergency savings.

Consider how big of an emergency fund you may need

Explore some options to build your emergency fund

Paying down debt

More than 80% of respondents had some form of debt. A quarter took on more debt because of COVID-19.
 
New debt - 45% of 25-29 year olds and 39% for 30-35 took on new debt. Only 12% for 60-70 year olds
 

Learn how to pay off your debt.
 

Make a plan
Read the full survey results here.
 
1Methodology: The TIAA Financial Resiliency Survey is an online survey of 3,040 Americans between the ages of 25 to 70 with household income of at least $40,000. The survey was conducted by Greenwald & Associates on behalf of TIAA. The survey was fielded from July 16 to July 29, 2020. The results are weighted by gender, age, household income, education, and race/ethnicity to reflect the distribution of American consumers in these age and income ranges.
 
Any guarantees are backed by the claims-paying ability of the issuing company.
 
Deposit and lending services and products are provided by TIAA, FSB. Member FDIC. Equal Housing Lender. TIAA Bank is a division of TIAA, FSB.
1373252