5 Ways Prospects May Have Changed Since the Distant Past

2. Consumers may be a little more optimistic about saving for retirement and buying insurance in May than they were in March.

LIMRA asked the survey participants how much impact they thought a recession would have on various aspects of their lives.

The percentage who said a recession would have a strong, or very strong, impact on saving for retirement fell to 41% in May, from 50%.

The percentage who said a recession would have a strong, or very strong, impact on their ability to meet their insurance needs fell to 29%, from 35%.

3. More consumers now know what “caregiving” means.

Changes and restrictions related to the COVID-19 pandemic caused about one-third of the Genworth survey participants to suddenly begin providing a new level of care for either a adult or a child. The caregivers said they spent an average of nine hours per week on their new caregiving responsibilities.

4. Consumers say they’re thinking more about the future.

About 34% of the Genworth survey participants said the pandemic has made them want to improve their financial planning, 37% said it has made them want to improve their physical health, and 39% said it has made them more willing to prioritize saving for their future.

5. Consumers might be more interested in long-term care planning.

Genworth, which sells long-term care insurance, says 32% of its survey participants said they  want to make sure they can afford to get any long-term care services they need in the setting of their choice.

— Read How the Pandemic Is Affecting Retirement Confidence: EBRI, on ThinkAdvisor.

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