Hartford reports on a survey of the post-War generation on three continents. Baby boomers the world over are feeling uneasy about their prospects for financial security in retirement, and many of them have no idea where to turn for help. A new study by the Hartford Financial Services Group -- based on a survey of more than 6,500 consumers aged 45 or over in the U.S., the U.K., Germany, Japan and South Korea -- indicates that boomer worries cut across geography and culture.

"The Hartford's research points to a tremendous need for financial education and professional advice about investing for long-term goals," says Liz Zlatkus, co-COO of Hartford Life and president of its international wealth-management division. "Around the world, adults who've worked their entire lives have [different] visions of what they want their retirement to look like, yet unfortunately they struggle to make that vision a reality."

Crisis of confidence

In Japan, 87% of respondents expressed "some" fear about retirement security, while 52% said they were "extremely" or "very" worried about it. Boomers in the U.S. (79%), the U.K. (66%), Germany (69%) and South Korea (65%) indicated at least some level of anxiety about their post-retirement comfort.

Respondents have been slow to take action to alleviate their fears, however. In both Japan and South Korea, 70% of people have not acted to improve their financial position over the course of the past year. The rate of inaction stood at 62% in Germany, 51% in the U.K. and 42% in the U.S.

The Hartford says its study uncovers a "crisis of confidence." The consumers surveyed are averse to risks in the approach to investing, with South Korean, Japanese and German consumers proving more so than their British and American counterparts. Respondents are also increasingly unsure about sources of credible financial guidance. In Japan this sentiment was expressed by 38% of respondents in 2006 and by 44% in 2007; in the U.S. it was 19% in 2006 and 27% this year; in the U.K. it was13% in 2006 and 16% in 2007.

In Japan, the most popular source for financial guidance proved to be the news media, cited by 33% of respondents. Friends and relatives come second at 19%, while financial planners and accountants registered with only 9% of people.

There are differences in perception and priorities across regions as well, the study finds. For instance, having money to enjoy life is more of a concern in the U.K. and the U.S. and less in Japan and South Korea. In the U.K., which has a public healthcare system, access to health care is not much of a worry; in South Korea, the U.S., and Japan, though, it registers as a more major worry -- but then it does in Germany as well, which also has a publicly subsidized healthcare system.

A universal trend among retirees is that retirees want to work, in some capacity, after retirement, either in scaled-down versions of the positions they hold now, or in new ventures. U.K. boomers seem keenest to take it easy in retirement, 66% of them seeing "leisure time" as a priority. Only 10% of South Koreans felt the same.

"How a person moves into and lives in retirement is an intensely personal issue, and people across the globe have their own aspirations and goals for their later years in life," says Zlatkus. "No matter where you live, though, you need to prepare financially for this different and important phase of life."

The Hartford is a Simsbury, Conn.-based provider of investment products, life insurance and group benefits. Its survey of baby boomers views of retirement and investing was conducted this past summer. -FWR

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