Baby boomers "fail to act" on credit crunch
Two-thirds of people aged 45 or over have failed to review their retirement plans as a result of the credit crunch, according to research from the Hartford.
Figures show that over a quarter are committed to their old plan of action, and a similar number think their financial situation is beyond their control.
The report identifies three distinct groups in this age range – 'crunch denial', 'crunch drunk' and 'crunch conscious' people.
Most people were found to be in the first group, considered to be the one most likely to take no action over their pension plans.
'Crunch conscious' people are those in the most favourable position, having already monitored their assets or consulted a financial adviser.
Hartford Life's managing director Michael Rudge says many people nearing retirement still suffer from an "over-reliance" on property.
He adds: "Many people are understandably falling foul of classic saving mistakes."
Recent figures from the Prudential suggest that pensioners expect a £2.9 billion income shortfall this year.
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