There is great feeling of confusion among the "baby boomer" generation concerning their financial situation, and this creates great opportunities for independent financial advisors, according to new research by AXA Wealth.

Baby boomers, now aged between 46 and 65, say that they are concerned about managing what finances they might have and how they can make it last into a long period of retirement, the research shows.

This confusion means that the majority of baby boomers believe they are not fully prepared, and most likely under-financed, for the retirement they are hoping to have.


AXA Wealth said that two in 10 baby boomers do not know how much income they will need when they retire. Even more – three in 10 of those polled – said that they know little or nothing about their pension arrangements.

This is underlined by the fact that four in 10 people said they have no idea how much a £100,000 ($153,000) pension fund is likely to pay each year.

At the same time, nine in 10 of those surveyed do not think that the basic state pension is enough to live on.

Only three in 10 baby boomers say that they believe they are fully prepared and happy about their retirement.

“The role of the advisor has never been more critical. IFAs have a real opportunity to help baby boomers identify their needs and make sure they have plans in place to make their retirement ambitions a reality,” said David Thompson, managing director, wealth investments & distribution, AXA Wealth.

“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.”

The research was conducted by YouGov for AXA Wealth polling 2000 consumers during February 2010.