This article examines the switches in defined contribution plan investment options made by investors in the lead-up to and during the COVID-19 pandemic. We use switch timing, short-term outcomes, and investor characteristics to determine who is more and less likely to make investment decisions with seemingly “better” or “worse” outcomes. Utilizing a sample of more than 40,000 changes in asset allocations (switching decisions), we investigate the volume and timing of switch outcomes to assess the efficacy of financial decision-making during the pandemic. We find that both the risk of “worse” switches and the volume of transactions increased, along with a greater proportion of negative outcomes. Investors’ age and gender were influencing factors, with older and female investors experiencing significantly poorer switch outcomes. Additionally, perceived urgency in relation to decision-making during the crisis, combined with particular investor characteristics, may have worsened investor outcomes. We call on fund trustees and policymakers to consider strategies to support investors in making more effective switch decisions.