Happy boomers with empty pockets

Most boomers content despite being financially ill-prepared for retirement
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|hrreporter.com|Last Updated: 07/24/2006

Many baby boomers are struggling to balance the books according to a new survey. And though they are concerned about their financial future, the boom generation is still smiling.

The survey of 1,500 Canadians released by BMO Financial Group found that 73 per cent of boomers still have debt and only 28 per cent say they have savings and investments of $100,000 or more. Almost 19 per cent of boomers who have not yet retired say they have no savings at all.

Despite a strained financial picture, 91 per cent of boomers are satisfied with their lives and 47 per cent indicate they are very satisfied.