• by Tanya Gazdik , February 2, 2016

The recent recession is having lasting effects on Baby Boomers, with 20% reporting they have no money saved for retirement, according to new research from Mintel.

Meanwhile, two in five (41%) of Baby Boomers report having less than $250,000 saved for retirement.

Among Boomers who have been relatively good about saving, with more than $250,000 stashed away, there exist concerns: half (52%) say they are worried about having enough money to retire. Another one third of Baby Boomers overall are worried that they will outlive their money (31%) despite the majority of non-retired Boomers saying they regularly contribute to a retirement savings account (55%).

These concerns are driving some Boomers to put off retirement indefinitely, with 15% reporting that they do not plan to retire.

This could be the result of Baby Boomers’ lack of education on retirement savings. Mintel research indicates that just 28% of Boomers agree that they understand enough about retirement investing decisions; understanding declines drastically among Boomers with less than $100,000 saved for retirement (11%). Additionally, only one in 10 Boomers manage their finances according to a written financial plan, and one third (33%) use a financial adviser to help with planning and investing. A mere 10% of Boomers say they do not have financial concerns about life in retirement.

“Our research reveals that many Baby Boomers are facing a shortfall that will be difficult to overcome if they plan on retiring in the coming years,” says Robyn Kaiserman, senior financial services analyst at Mintel. “Even Boomers who have a substantial amount saved for retirement are concerned that they don’t have enough and are worried about the possibility of outliving their savings.”

Boomers freely admit they don’t understand enough about retirement investing to make good decisions, yet they are not seeking help from an adviser, Kaiserman says.

“This presents huge opportunities for financial services brands, especially those that offer products and services that work with Boomers specifically to maximize future earnings prior to retirement,” Kaiserman adds.