Despite popular belief, older Americans have not found it difficult to deal with the epidemic. New research from financial services company Edward Jones shows that they are much more successful that their younger counterparts.






Some of the findings of a Edward Jones and Generation Waves Study, which examined only how different age groups have fared financially and emotionally inside the month since the lockdowns started, are at least as stunning as to how quickly even people in their 70s developed a passion for Zoom.

As according Ken Dychtwald, Ph.D., CEO and president of Age Wave, a preeminent research research institute on ageing, retirement, and longevity concerns, "COVID-19's impact irrevocably transformed the realities of many Americans, but we've witnessed a resiliency amongst U.S. elders in contrast to newer generations."


Even while it is acknowledged that older adults were disproportionately affected by the virus, the five-generational survey of 9,000 adults (aged 18 and over) reveals a number of unexpected findings. They include:

• Only 15% of Baby Boomers said they had had "mental health declines" since the virus hit, compared to 37% of Gen Zers, 27% of Millennials, and 25% of Gen Xers.


• The Silent Generation, the generation that came after the so-called "Greatest Generation," fared the best, with only 8% of respondents indicating any impairment in their mental health. That would seem to contradict earlier cautions that extended social isolation makes older persons particularly vulnerable to depression, anxiety, and cognitive impairment. The results for Boomer (age 56 to 74) also appear to be in opposition to those earlier warnings.


• As a result of the pandemic, about 68 millions Americans have delayed retirement, and million people worldwide have ceased contributing to their retirement funds on a regular basis.

The resiliency of the two older generations, according to Dychtwald, might be attributed to their "better perspective on life."


He explains, "They understand that this, too, would pass. They've experienced wars and other significant disruptions before. Millennials wonder, "What happen to my life? I mean, everything has changed; I was either beginning a new job or going to college.


The majority of Boomers and Silent Gens in retirement also have their monthly Social Security cheques to rely on. Which explains why younger generations were hit the hardest even while the epidemic considerably decreased the financial stability of the a quarter of Americans: Compared to 16 % of Boomer and 6 percent of Gen Z respondents, nearly one-third of Millennials and Gen Z respondents rate the impact as "very or extremely bad."


% of Quiet Gens who acknowledged experiencing comparable suffering.


Searching for just any bright spot which emerged from the COVID-19 emergency?


In fact, 67 percent of those polled claimed that it had improved family relationships.


According to Ken Cella, principal of Edward Jones' client services group, "the pandemic has definitely brought into stark relief whatever matters very much in our lives." Important conversations have also been had about saving more for emergency, beginning retirement planning sooner, and even planning for the end of life and paying for long-term care.

The financial services company Edward Jones thinks it's time to rethink retirement more "holistically" to include what it calls "the four pillars" of health, family, purpose, and finance. The study also revealed that a vast majority of retirees yearn for further opportunities to use their skills to benefit society.


However, given the constantly rising costs, successfully addressing the majority of those pillars does require more financial knowledge than many of us possess. However, a financial advisor with the perspective, knowledge, and compassion to help, like a local one is at Edward Jones, can.