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Baby Boomers take hands-on approach to saving

It seems Baby Boomers are showing signs of resilience in the face of the global financial crisis, by taking a more hands on approach when it comes to their retirement savings.

The Commonwealth Bank Retire Ready survey of 392 baby boomers has shown that while many are concerned about the downturn, they are not letting it get them down, with 85 percent actively reviewing their retirement objectives to include options such as continued employment, increased saving strategies and portfolio diversification.

Tim Gunning, general manager Commonwealth Financial Planning said the Baby Boomers are taking a “well balanced approach” when it comes to their investments, and they are “educating themselves when it comes to making the right financial decisions.”

Many are considering staying in the workforce by continuing to work at reduced hours in order to boost their superannuation and make the smooth transition into retirement. The survey found that 43 percent are expecting to stay in the workforce, which is a viable option says Gunning.

“Working part-time is an extra source of income but also a way to stay challenged and mentally active.

This generation review retirement very actively – as a series of phases, rather than a period where everything coming to a stop.”

Other strategies implemented by Baby Boomers include making additional savings both inside and outside of super and building up shares and other assets. Many are also turning to financial planners for guidance.

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Jessica Stanic

Jessica Stanic

Jessica has a background in both marketing and journalism and is dedicated to making the website the leading online resource for small to medium businesses with ambitions to grow.

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