Boomers’ Golden Years Don’t Glitter As Brightly
November 23, 2008
Rather than looking forward to globe-trotting or golf, pre-retirees ages 45 and older are now worrying about saving enough money to afford daily expenses during retirement, a new survey by The Hartford Financial Services Group shows.
The chief financial concerns for baby boomers include paying for food, shelter and other basic needs, the study said. A year ago, the top concern was “enjoying my life.”
The angst is global: About 59.3% of pre-retirees in the U.K., 56.3% in Germany, 54.1% in Spain and 49.7% in the U.S. told Hartford they are most worried about getting by on a daily basis. The third-annual international retirement survey polled 6,750 consumers worldwide and was conducted by the research agency Opinauri.
“Our research tells us that few people are planning for retirement, most lack confidence in their financial acumen, and many don’t know where to turn for advice. The volatility in the world’s equity markets this year seems to have reinforced the overall uncertainty about financial planning,” the survey noted.
Specific concerns varied with locale: The ability to afford healthcare worried South Koreans (23.1%) and Italians (21.4%) the most, while having enough money to enjoy life was cited as a top concern in the U.K. (46.5%) and the U.S. (43.2%).
Few people worldwide understand retirement planning or know where to get financial advice. More than half (54.4%) of Japanese respondents said they do not know where to find financial advice.
Risk aversion is also rising. In Germany, 76.1% of respondents said they are “fairly” or “completely” risk-averse. Few of the respondents said they have planned for retirement. In Japan, 82.3% of those surveyed said they have no financial plan.
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