Respondents pointed to worries about inflation impacting their ability to have enough money to contribute to retirement savings and the volatility of the market impacting retirement balances. Baby boomers were particularly concerned about the impact inflation will have on their retirement accounts, with 31 percent highlighting this concern. They also pointed to not having enough money to save for retirement, not knowing how much they need to save for retirement and market volatility as their top concerns about retirement planning.

Overall, three-quarters of those surveyed said their financial situation had changed since the outset of the pandemic. The most frequently cited change among millennials was an increase in debt during the crisis, with women being twice as likely to have increased their debt than men.

Meanwhile, respondents from Gen Z said the pandemic prompted them to save more and spend less, with 36 percent saying they are saving more compared with 12 percent of Gen X respondents.

Nearly half of respondents (44 percent) said their short-term financial outlook has remained stable since the onset of the pandemic, while 33 percent said it has changed for the worse. Younger respondents (Gen Z and millenials) were more likely to say their short-term outlook had actually changed for the better during the pandemic, while women were more likely to say their short-term financial outlook had worsened. In addition, savings activity slackened during the pandemic, with only a small percentage of respondents saying they started a retirement account or an emergency fund during the past two years.

The pandemic also could impact retirement timing for many Americans. More than one-quarter of millennials now expect to retire later than they thought they would. About 7 percent of all Americans said they plan to retire earlier than they thought they would, with 38 percent of those saying it is because they aren't comfortable returning to the workforce amid COVID-19 worries. About the same percentage say they are retiring early because they have the financial means to do so.

The report also assessed financial education among respondents by asking them five questions from MassMutual's FutureSmart curriculum geared toward 8th graders. The questions covered use of credit, earning interest and budgeting. According to MassMutual, only 14 percent of adults answered all five questions correctly. More than half of Gen X and baby boomers passed the quiz with three or more correct answers while more than half of millennials and Gen Z answered less than 3 questions correctly.

MassMutual's Consumer Spending and Savings Index was conducted online in December 2021.

Kristen Beckman is a freelance writer based in Colorado. She previously was a writer and editor for ALM's Retirement Advisor magazine and LifeHealthPro online channel. She also was a reporter for Business Insurance magazine covering workers compensation topics. Kristen graduated from the University of Missouri with a degree in journalism.