Everyone is getting hit hard by the current global recession, but it seems that residents of the United Kingdom over the age of 45 - the Baby Boomer generation - are having an even more difficult time dealing with debt management. Why? This generation is set in their ways and is still looking at their finances as if the credit crunch had never happened. And this is causing them to suddenly stop and take a cold hard look at the fact that they are not as financially sound as they thought they were.

According to The Hartford, an online financial advisement firm, 65% of the baby boomer generation has not reviewed their own pension plans even though the world is in a global recession. They could be losing money faster than they think, and unless they come to terms with the fact that there is less going into that pension than before and adjust their contributions, they will find themselves grossly under budgeted for their retirement. This means they may have to work a few more years before they are able to retire.

Additionally, 23% of the individuals that were polled by The Hartford felt that there was nothing they could do to change the situation with the finances - pensions included - during the global recession, and they had no choice but to ride out the storm with what they were bringing in. Many of these consumers would be better off taking professional investment advice and doing what they can to protect their assets during these more difficult times.

"But, for the huge swathe of baby boomers approaching retirement, there is an opportunity to adopt post-credit crunch behaviour. In short, we are at a watershed in retirement planning and people need to adapt accordingly," comments Billy Burrows, who wrote the The Hartford's Facing Retirement Forum: 'After the Crunch: Saving for Retirement' report.

A survey by the Prudential insurance company has also found that over 60% of the baby boomers they surveyed feel that their pension will not support them in a comfortable retirement. As more of the baby boomer generation approaches the retirement age, they are coming to realise that they are going to have to change their spending habits and start putting more money away so that they can survive after they are done working.

As this generation of residents comes to terms with the current financial markets, they are starting to change their spending habits. No one knows how long the recession is going to last, and by making these types of lifestyle changes now they may have enough to retire on in 20 some odd years when they hit retirement age. Careful planning is needed since the cost of living has increased with the questionable economy, and many baby boomers know that they are running out of time to get enough retirement savings built up.