And some are being pragmatic, but with no skills

Some baby boomers really do take their retirement seriously. Surveys are showing how many prefer saving over spending, and some keep tabs on their finances, too, with 61% knowing “exactly how much money is in their accounts” as Allianz declares.

And even though all of this is worth praising, there’s still something standing in the way of their happiness. They don’t know how to handle what they saved, because they lack financial literacy, according to The American College of Financial Services(ACFS).

Being asked about their financial planning, many didn’t know what they were talking about when it comes to important financial decisions.