According to a global study conducted by TNS, the global financial crisis has baby boomers running scared, with 44 percent of Australia boomers hinting they will have to postpone their retirement.
The study looked at how the global financial crisis is affecting consumers in five key countries – the UK, France, Germany, the US and Australia, with Australians a lot more pessimistic about the future than their counterparts.
According to John Shearer, director with TNS Finance, baby boomers are worried how their super has been affected by the crisis.
“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.”
According to the study, 71 percent have indicated that they will cut back on spending in the next 12 months, and just over half (52 percent) say they will be unlikely to be able to save any money in the year ahead.
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