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Abstract

Purpose: In light of the recent global economic crisis, many policy makers and consumer groups are questioning the financial preparedness of Australian Baby Boomers. A review of the Australian evidence since 2000, including government reports and working papers, on financial security of baby boomers as they approach retirement was undertaken. Method: Online databases were systematically searched, resulting in 63 articles and reports that met inclusion criteria of being published between 2000 and 2009 and financial matters for older Australians. The following search terms were used: baby boom*, Australian baby boomers*, financial security*, financial satisfaction*, financial perceptions*, retirement financial security baby boomer*; economic security and retirement*, resulting in 2,153 articles. Results: This review revealed four key topic areas: 1. Income, 2. Wealth and Superannuation, 3. Gender perspectives, 4. Self rated measures. The majority of studies reviewed examined objective measures of wealth and income, with only limited coverage of self reported measures. From this critical review, there is a need to further investigate the relationships between objective measures (wealth, income and superannuation) with subjective based measures (expectations and perceptions).

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