In an effort to improve the financial literacy of baby boomers, 11 non-profit financial associations representing more than 200,000 financial services professionals around the world have formed a new collaboration called The Partnership for Retirement Education and Planning.
The PREP associations will be working to better educate members on the challenges that face the boomer generation. The associations will provide members with communication tools and resources to help them better communicate with boomers. Furthermore, the associations will encouraging members to conduct community service education targeted at local boomers, regardless of their financial status.
“Unfortunately, the boomer generation as a whole has not planned well for what is likely to be a lengthy retirement for most of them,” said Philip E. Harriman, CLU, ChFC, past president of the Million Dollar Round Table and spokesperson for the PREP coalition in a media statement. “Recent research shows only one-third of retirees are very confident they will have enough money to take care of basic expenses. Current market dynamics increase their anxiety.”