Baby boomers unsure how to survive retirement: Axa
The baby boomer generation are not prepared for their financial future and many of them are concerned their finances will not last the duration of their retirement, according to Axa Wealth.
Research by the provider revealed confusion among the baby boomer generation about their finances is rife, suggesting advice is crucial if people are to be prepared for the future.
David Thompson, managing director, wealth investments and distribution at Axa Wealth, said there is a perception that baby boomers - those people aged between 46 and 65 - are the lucky generation, because they have enjoyed a long period of healthy and relative wealthy living compared with previous generations.
However, according to Axa Wealth's survey, most baby boomers are actually concerned about managing what finances they might have and how they can make it last into a long period of retirement.
Furthermore, with increasing life longevity, their retirement could be almost as long as the time they have worked.
This confusion means the majority of baby boomers believe they are not fully prepared, and most likely are under-financed, for the retirement they were hoping to have.
Mr Thompson, said: "The role of the adviser has never been more critical.
"IFAs have a real opportunity to help babyboomers identify their needs and make sure they have plans in place to make their retirement ambitions a reality.
"Making sure pension holdings are reviewed as a whole rather than individually and that investments are suitable for long term income provision is essential.
"Quality financial advice is a necessity when it comes to ensuring finances are fit for the retirement journey."
