More than a third (38 percent) of people between the ages of 35 and 44 have updated their retirement plans as a direct result of the Covid-19 pandemic, according to a study by Netwealth.
This rises to over half (52 percent) of this age cohort if people who plan to make changes within the next 12 months are also included.
For comparison: 35 percent of savers between the ages of 55 and 64 have changed their retirement provisions or are planning to do so within the next 12 months.
Of those over 65, only 14 percent said they had changed their plans or were planning to do so in the next year.
According to Netwealth, the most popular changes between the ages of 35 and 44 have focused on greater security and stability in retirement.
Fifteen percent of this age cohort had or planned to increase their pension contributions, while seven percent wanted or wanted to change their pension products or providers in order to get better value for money.
Additionally, 7 percent had changed or were considering changing their retirement product or provider to one that offers more ESG-focused investments.
Commenting on the findings, Charlotte Ransom, CEO of Netwealth, said: “The pandemic has resulted in increased and often competitive financial pressures, with many feeling the pressures more acute during the last lockdown.
This, along with the new perspective the virus has given many of us, has resulted in a significant increase in people thinking more holistically about their future. It is encouraging that the concerns highlighted have been proactively addressed by many looking to take control of their financial futures.
“While the Covid-19 pandemic has undoubtedly put many people off track with their finances, a long-term ‘life plan’ is an important tool to help those who are currently unsure of how to set important milestones and financial goals in the course of the course can achieve their lives.
“For those who find it too early to ponder later life needs, especially in the face of pressing financial problems today, it pays to remember the value of planning for the future while there are many years of employment ahead of retirement.”