Baby boomers not panicked by GFC
Baby boomers are not panicking or rapidly changing investment options in the face of the global financial crisis but are, instead, actively reviewing their retirement objectives, including staying longer in the workforce.
That is the bottom line of a survey conducted by the Commonwealth Bank, the results of which were published this week.
The so-called 'Retire Ready' survey found baby boomers were ensuring they were better informed about their investment and retirement options and were opting to make additional savings and investments both inside and out of superannuation.
Commenting on the survey outcome, Commonwealth Financial Planning general manager Tim Gunning said while baby boomers might be sitting tight in the face of the global financial crisis, they were probably doing more than previous generations in terms of educating themselves to enable making the right financial decisions.
The survey found baby boomers had become somewhat more pragmatic about their ability to afford a comfortable retirement but indicated that while 50 per cent no longer expected to be able to afford the retirement lifestyle they wanted, only 25 per cent would consider postponing retirement.
It said, rather, the trend continued to lie with the idea that baby boomers would transition to retirement by continuing to work for their current employer at reduced hours.
AUTHOR
Mike Taylor
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