An overwhelming majority of U.S. workers are still saving for retirement despite the adverse economic, health and employment impact of the coronavirus pandemic, the Transamerica Center for Retirement Studies said Thursday.
Eighty-two percent of workers are saving for retirement through a 401(k) or similar retirement plan and/or outside the workplace, the center reported.
"Given the magnitude of the challenges workers have faced during the pandemic, it is truly remarkable that they have maintained focus on their future retirement," Catherine Collinson, CEO and president of the center and of the Transamerica Institute, said in a news release. The center is a division of the Transamerica Institute, a non-profit private foundation.
Baby boomers and Generation X were the biggest savers, each at 84%, followed by millennials (82%) and Generation Z (70%), the news release said.