Baby-boomers 'confused about finances'

People belonging to the baby-boomer generation are risking their future by not understanding financial management.

That is according to a new report from AXA Wealth which found that only a third of Britons between the ages of 46 and 65 years are prepared for retirement.

However, a fifth do not know how much money they will need once they stop working and three in ten are unaware of their pensions arrangements.

David Thompson, managing director of AXA’s wealth investments and distribution division, said that independent financial advisers (IFAs) can help Britons manage their finances.

"The role of the adviser has never been more critical. IFAs have a real opportunity to help baby-boomers identify their needs and make sure they have plans in place to make their retirement ambitions a reality," he added.

"Quality financial advice is a necessity when it comes to ensuring finances is fit for the retirement journey."

IFAs can also advise on options such as equity release, which allow homeowners to unlock cash against the value of their properties.