Middle Class Boomers Without Advisors

By Andrew Rickard | November 17 2014 01:03PM

Middle-class baby boomers in the United States are more likely to rely on a hairdresser than a financial advisor.

According to a survey commissioned by the Bankers Life Center for a Secure Retirement, 73% of middle-income baby boomers in the US have a hairdresser, 66% hired a mechanic, and 52% retained a handyman. However, only 41% of respondents said that they use the services of a financial professional.

Asked why they do not use an advisor, 39% said they would rather make their own financial decisions, 20% believed they didn't have enough savings to warrant having an advisor, and 11% thought the cost of financial advice would be too high.

The survey suggests that middle-class boomers are an underserved market in America. Of those respondents who did not have advisors, 85% said they had not been contacted by one asking for their business in the past year, and 63% said they had never been contacted.