With superannuation savings slashed, boomers postpone retirement

With superannuation savings slashed, boomers postpone retirement

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TNS has released research indicating that 44 percent of Baby Boomers plan to postpone their retirement in light of the global economic crisis.

The study – which polled consumers sentiment in the UK, France, Germany, the US and Australia – found that Australian Boomers were particularly pessimistic about the recent economic downturn, with 59 percent thinking that the value of Australian shares will decline in the next six months and 69 percent thinking that global stock markets will decline over the same period.

In addition to delaying retirement, 71 percent of Boomers said they planned to cut back on spending in the next 12 months.  And 40 percent said they are contemplating working more to increase their incomes over the next 12 months.

Job security is also a concern for Boomers, with 27 percent indicating that they believed their job could be in jeopardy. There was some silver lining for the silver-haired generation, with the news that Generations X and X are even more worried about losing their jobs (37 percent).

Photo: Martin Kingsley (flickr)

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