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Date Published : Thursday, April 17, 2008
The recent volatility in the financial markets has encouraged many Baby Boomers to make changes to save more money for retirement, a new study has revealed.
Consumers born between 1946 and 1964 - who are heading towards retirement - are now thinking more about the money in their savings accounts than they were a couple of years ago, before the current financial climate arrived, a report by Commonwealth Bank found.
According to the bank's lifestyle aspiration survey, the recent global situation has led 77 per cent of respondents to make changes to how they prepare for retirement and, of those, 56 per cent are thinking of seeking advice from a financial planner in order to help make decisions easier.
The study also found that despite 60 per cent of Baby Boomers expecting a better lifestyle than their parents, fewer people than those surveyed in 2006 thought that they had enough money in their savings account to afford the lifestyle that they desired.
Tim Gunning, general manager of Commonwealth Financial Planning, said: "This generation is continuing to take an optimistic outlook toward retirement despite the current economic conditions.
"With expectations and aspirations high, many have reviewed their financial position and taken a more active role in their retirement planning."
Almost half - 49 per cent - of those surveyed intended to bolster their savings accounts by making additional contributions to their superannuation fund on a regular basis, while 27 per cent of respondents are looking to build their assets in shares and other investments.
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