Baby boomers shelve retirement plans
New international research shows almost half of the baby boomer generation (44%) say they will have to postpone their retirement due to the global financial crisis.
The findings were part of a study by TNS, a London-based global market insight and information group. The study looks at how the crisis is affecting consumers in the UK, France, Germany, the US and Australia.
Australian baby boomers remain pessimistic about stock market and superannuation returns, with 59% thinking that Australian shares will get worse rather than better in the next six months.
“The hit that their super funds have taken in the global financial crisis has really shaken up baby boomers, many of whom have now seriously started to reconsider their retirement plans,” TNS Finance Director John Shearer said.
He says Australian boomers are much more likely to be planning to delay their retirement than their counterparts in the UK (23%), France (28%) or Germany (13%). The US figure is 40%.
The study shows 71% of baby boomers saying they will have to cut back on spending in the next 12 months, and just over half (52%) saying they will be unlikely to be able to save any money in the year ahead.
The findings were part of a study by TNS, a London-based global market insight and information group. The study looks at how the crisis is affecting consumers in the UK, France, Germany, the US and Australia.
Australian baby boomers remain pessimistic about stock market and superannuation returns, with 59% thinking that Australian shares will get worse rather than better in the next six months.
“The hit that their super funds have taken in the global financial crisis has really shaken up baby boomers, many of whom have now seriously started to reconsider their retirement plans,” TNS Finance Director John Shearer said.
He says Australian boomers are much more likely to be planning to delay their retirement than their counterparts in the UK (23%), France (28%) or Germany (13%). The US figure is 40%.
The study shows 71% of baby boomers saying they will have to cut back on spending in the next 12 months, and just over half (52%) saying they will be unlikely to be able to save any money in the year ahead.