Survey suggests Washingtonians are saving more for retirement due to pandemic

January 13, 2022 12:58 PM

Will Wixey,

Posted: January 13, 2022 12:58 PM

Updated: January 13, 2022 2:03 PM

by Will Wixey

SPOKANE, Wash. — The pandemic created drastic changes in America, and for many, it changed their retirement plans.

The Penny Hoarder conducted a survey evaluating the impact COVID-19 had on American retirement plans and found that 17% of the population saved less money for retirement, with 18% saving more. A majority of those who are saving more money for retirement are on the West coast.

In Washington, a majority of the population is now saving more instead of less for retirement plans.

There’s a clear association with people saving more in heavily-impacted cities. The Northeast is saving significantly more for retirement now, but that could be attributed to the case numbers and insecurity Northeast cities dealt with at the beginning of the pandemic.

Washington, like many other West Coast cities, was flooded with cases in early 2020. Most of the western population had to adjust to the pandemic early, possibly causing an extra increase in overall 401Ks.

The survey also found men have saved more for retirement than women in recent years, but are also saving less than women. The majority of women primarily had no change in their original retirement plans.

Find more on The Penny Hoarder’s survey here.