Baby boomers 'stuck in pre-credit crunch mindset'

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Baby boomers 'stuck in pre-credit crunch mindset'

Tue 17th Mar 2009

The Hartford has published research which suggests that people from the baby boomer generation are stuck in a pre-credit crunch mindset when it comes to thinking about pensions.

According to the pensions and insurance provider, nearly two-thirds of people over the age of 45 have not reviewed their pension plans since the credit crunch.

Furthermore, 26 per cent of these people remain committed to a pre-credit crunch plan of action, while 23 per cent believe there is little they can do to change their pension fortunes.

Michael Rudge, Hartford Life's UK managing director, said: "From an over reliance on property, through to a lack of interest and understanding of pensions right until the last minute, many people have not adapted to the economic realities of 2009."

Recently, research by Prudential revealed that people retiring this year are expecting to take home £884 less per year than people retiring last year.

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