Financial knowledge is lacking among 60% of members of generations X and Y, who generally are risk-averse when it comes to their investments, according to a LIMRA study. Those who work with a financial adviser expressed greater confidence in their prospects for retirement and also a higher tolerance for riskier investments, the study found. "Our research indicates that few of these consumers are taking full advantage of the retirement savings vehicles available to them," said Alison Salka of LIMRA.

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