A new analysis from the Investment Company Institute (IC), a group of associated investment funds, found that even a global pandemic wasn’t enough to stop people from saving for retirement.
Even as tens of millions of Americans lost their jobs and widespread certainty abounded (and still lingers) because of the coronavirus crisis, just 2% of retirement savers stopped contributing to their 401(k) or similar retirement plan during the first six months of this year.
The figure is surprising, considering that 4.9% of savers discontinued their contributions when the Great Recession and financial crisis rocked the country. Sarah Holden, the senior director of retirement and investor research at ICI, told Yahoo Money, “This is the remarkable thing about retirement savers — that they’re really long-term focused and they have an ability to stick to the plan paycheck by paycheck. They are less worried about short-term fluctuations.”