A survey by New York-based mutual-fund company Scudder, Stevens & Clark confirms that baby-boomers are pessimistic about their ability to achieve a secure retirement. And most agree they don’t know what they’re doing when it comes to saving and investing money.

The mutual-fund company concludes that their industry has done a thorough job of scaring Americans to death…and instead of taking action…a large portion of this generation is just putting up their hands and saying they can’t do it.

Scolding doesn’t make baby-boomers defer gratification because they’re so oriented to the present.

The solution: Building financial self-esteem is as simple as putting $50 to $100 a month into a mutual fund.

The baby-boomers’ kids—28-to-40-year-olds who make up Generation X—have something in common with their WWII-era grandparents: they save money.

On average, X-ers save 16.2% of income, close to the 16.5% saved by 51-to-65-year-olds, says the PaineWebber/Gallup Index of Investor Optimism. The findings also indicate that baby-boomers are saving, on average, about 25% less than their Generation X kids.

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