July 1, 2020
How COVID-19 Impacted the Lifestyle and Finances of Boomers
Survey shows that Boomers are optimistic and eager to live their best retirement lives post-COVID.
The COVID-19 pandemic has impacted all of us from how we live, connect, work, and more. Even though we may have postponed our travel plans or changed our asset allocations, we all quickly adapted and challenged ourselves by cutting non-essential spending and saving more. However, there are even more ways to benefit our retirement savings and improve our retirement plan.
From now until year end, Silvur is giving away $100,000 in prizes for those nearing or living in retirement to save more for their retirement fund while using Silvur to make better decisions for their retirement plan. Silvur is helping its members to continue with their retirement plans and secure their retirement goals.
The New Retirement Normal Survey
In a survey of 1,000 Americans, data shows that Boomers are optimistic and eager to live their best retirement lives post-COVID. Results show that:
- Travel is top of mind – Nearly 30% of Boomers say that travel of some kind is the first thing they plan to spend on post-quarantine, with road trips (66.5%) via car or RV coming in as the type of trip this group is planning on taking before the end of the year.
- Adjusting budgets to make their dreams come true – 47.5% have reduced their spending by $125 or more each month during COVID, with nearly half (47%) finding they can live with fewer luxuries post-COVID.
- They can handle the heat – No getting out of the kitchen here. Nearly half (44%) of Boomers say that planning to continue cooking more versus ordering in or eating out is the money-saving habit they most plan to keep up with post-quarantine. And for those planning home renovations (41%), the kitchen is the room that most plan to update (41.6%).
- Goal-oriented – Boomers have big dreams for their life in retirement. More than half (51.5%) plan to focus more on their health, 35.3% plan to spend more time outdoors, and 34.1% want to travel more. In fact, ‘travel being safe’ came in as Boomers’ number one hope for the future post-pandemic.
- Tech forward generation: Boomers are increasingly embracing digital technology in an effort to stay connected and educated during COVID, busting myths that this generation isn’t tech savvy. More than 65% of Boomers shared that they saw a doctor virtually during quarantine, while more than 20% engaged in online learning. Boomer’s have also been active in using apps from social media (60.5%) to streaming (44%) and banking (31.4%).
Boomer’s Post-COVID Lifestyle Plans
Home improvement: The survey reveals that Americans have invested in their homes and are willing to continue this investment post-pandemic. As people keep up their money-saving habits, they’re investing in the asset that is often overlooked but can also be a great source of income — their homes.
- Over half (59.8%) of respondents have re-decorated or re-organized their home during COVID-19.
- Of those who have re-decorated / re-organized, 41% have been Baby Boomers.
- 69% of millennials have re-decorated / re-organized and 69.6% of Gen X re-decorated / re-organized
- The top rooms that Americans will be sprucing up are their Kitchen (51.8%), Master Bedroom (47.2%) and their Living Room (39.7%)
- It’s not surprising that Kitchen tops the list, as cooking has become a top quarantine activity for 34.4% of Americans, and 46.4% of Americans plan to continue cooking more vs. ordering in / eating out post-quarantine
The Great American Road Trip: Americans have been stuck indoors, and they are ready to get out. While hopping on a plane is not at the top of the agenda, hitting the open road is – and boomers will be leading the way.
- For 26.3% of Americans, their biggest hope for the future post-pandemic is that travel will be safe. Boomers are the generation that are most eager to get back out and travel (35.3%)
- They won’t let the pandemic stop them from hitting the open roads, as 46% of Americans plan to travel by car with a month of COVID clearing
- In fact, for 51.1% of Americans, a road trip is the first type of trip that will be planned post-COVID
Nearing or living in retirement? Download Silvur to make better decisions for your retirement plan. Silvur helps you become financially-savvy with guided monthly retirement checklists and calculates your future income. Let your checklist win you prizes and secure your goals by getting started with Silvur, available on iOS on the App Store.