Debt fears as ‘babyboomer generation is confused about finances’

People from the so-called babyboomer generation could be battling with debt as a new study as revealed many of them to be confused about their finances.

Research from AXA Wealth, conducted by YouGov, has shown that a significant number of 46 to 65-year-olds are concerned regarding how to manage their money situation and uncertain how to plan effectively for a comfortable retirement.

With the average age of death rising, workers have realised that the length of their retirement could almost be as long as their time in employment.

David Thompson, managing director at AXA Wealth, advised: “Making sure pension holdings are reviewed as a whole rather than individually and that investments are suitable for long-term provision is essential.”

Earlier in the month, figures released by the National Association of Pension Funds showed that two-thirds of people fear their pensions will prove insufficient to maintain their current quality of living.

By Joe Shervin