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Boomers in denial on effects of the crunch

Nearly two-thirds of baby boomers have not yet reviewed their retirement plans in light of the financial crisis, according to research by The Hartford.

The firm found that only 7.5 per cent of those surveyed have visited an IFA as a result of the turmoil. The report reveals 42 per cent of baby boomers are in complete denial about the credit crunch and its impact on retirement planning, while 23 per cent understand the impact but are confused about how to react. But the research found 35 per cent of people have taken decisive action in a bid to secure the best outcome for retirement.

Hartford Life’s UK managing director Michael Rudge says: “IFAs have a role to play to educate their clients that they should review their retirement plans.”

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