Journey to financial independence derailed by pandemic
50% of financially independent young people say their parents told them they were on their own -- but COVID-19 is making it harder than ever.
By Erica Silverman|August 12, 2020 at 09:01 AM
Thank you for sharing!
Your article was successfully shared with the contacts you provided.
Half of young Americans describe themselves as financially independent, although, over 60% are concerned they will lose their job due to the COVID-19 pandemic, according to a survey released by TD Ameritrade in May.
About 75% of respondents are “anxious” about how the coronavirus will impact their finances, reports the survey, while six in 10 say the pandemic has “derailed their journey to financial independence.” Some respondents said they have postponed starting a family, or have moved back home with their parents due to financial stress created by the pandemic.
Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.
Your access to unlimited BenefitsPRO.com content isn’t changing. Once you are an ALM digital member, you’ll receive:
Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Competing successfully in today’s labor market means moving away from reactive recruitment practices that are overly reliant on compensation. Instead, take a more strategic approach with innovative add-on health benefits that complement core benefits and can be tailored to the needs and wants of a diverse workforce. Download this guide to learn how.