Australian baby boomers have named travelling around the country as their priority activity during retirement, throwing light on how this relatively affluent portion of the population is looking to spend its money, new research by ANZ reveals.

The survey also revealed that wealth managers may have to work harder to work with this cohort of the population to win and retain business.

Among the participants of the study "New Retirement", 92 per cent said that travelling around Australia is their top choice when they finally decide to retire, followed by 83 per cent who said they wanted to spend more time on hobbies or sports. When asked whether they were confident about their finances for retirement, however, 49 per cent answered they were not, while only 24 per cent said they were extremely confident. Baby boomers were defined in the study as Australians aged 45 to 64 years.

"With the first of the baby boomer generation turning 65 next year, thousands of Australians are set to retire and less so in a 'traditional' way. The 'new' retirement is based around lifestyle, and includes an even greater range of things from travelling, spending time on hobbies, volunteering, and caring for grandchildren," said Louis Hawke, the managing director, retail distribution, at ANZ

The bank's Retirement Banking Specialists product aims to address this need by focusing on what individuals above 50 years old want based on a rather successful pilot in 2009. For instance, 80 per cent of people prefer to discuss retirement finances in person. Ironically, only 28 per cent of those asked in the latest study said they would talk to their bank about their retirement plans. The figures may challenge wealth managers to adopt a more active approach in connecting with this population segment. 

"Being financially prepared doesn’t just mean looking after your superannuation. Simple things such as restructuring bank accounts or switching to products that better suit people’s new lifestyle can make a big difference," added Hawke.

The research surveyed 307 Australians aged 45 to 64 as of June 2010.