()New research shows that older Americans are actually better off than their younger counterparts during the coronavirus epidemic.

The Edward Jones and Age Wave Study focus exclusively on how different generations have fared in the past months, and only that. Its findings are just as shocking as the rapid adoption of Zoom by 70-year-olds.

“COVID-19’s impact forever changed the reality of many Americans, yet we’ve observed a resilience among U.S. retirees in contrast to younger generations,”Ken Dychtwald, Ph.D. is the founder and CEO at Age Wave, a premier research think tank on longevity, retirement, and aging.

Although it was obvious that the virus disproportionally affected older adults, the five generational sampling of 9,000 adults aged 18 and over revealed many surprises. These are some of them:

* While 37 percent of Gen Zers, 27 percent of Millennials, and 25 percent of Gen Xers said they’d suffered “mental health declines”Since the virus struck, only 15% of Baby Boomers have responded in kind.

* Faring the best were those 75 and over – the Silent Generation that followed the so-called “Greatest Generation”Only 8 percent of respondents reported any mental illness. This would seem to be contrary to the Boomers’ results (aged 56-74), which are a result of early warnings that older adults were more vulnerable to anxiety, depression and cognitive decline due to prolonged social isolation.

* Nearly 68 million Americans have altered the timing of their retirement due to the pandemic, and 20 million stopped making regular retirement savings contributions.

Dychtwald explained that both older generations are resilient because of their having. “a greater perspective on life.”

“They’ve seen wars and other major disruptions before,”He stated, “and they know that this, too, will pass. Younger generations feel like, ‘What happened to my life? I mean, I was supposed to go to college or I was starting a new job, and now everything has changed.'”

Retired Boomers and Silent Gens both had monthly Social Security benefits to fall back on. This explains why the financial security of a quarter American population has been significantly decreased by the pandemic. However, younger generations have felt the pinch the most: Nearly one third of Gen Z and Millennial respondents described the effects as “very or extremely negative,”Comparatively, 16 percent of Boomers and six percent of Silent Generations admitted to experiencing similar hardship.

Is there any silver lining to the COVID-19 disaster?

The good news is that 67 percent of respondents agreed that it has brought their family closer together.

“The pandemic has certainly thrown into sharp relief what matters most in our lives,”Ken Cella, Edward Jones’s principal of the client services group, said: “And important discussions have taken place about planning earlier for retirement, saving more for emergencies, and even talking through end-of-life plans and long-term care costs.”

Edward Jones, a financial services company believes that it is time to redefine retirement. The study shows that a large percentage of retired people want to find more ways to make a difference in society. “holistically”It should encompass all that it calls “the four pillars”Health, finances, family, and purpose.

It takes financial intelligence, particularly in light of rising costs, to be able to successfully address most of those pillars. However, there are other things to consider. financial advisorAs a local Edward Jones staff member, she has the experience, knowledge, and empathy to help.