NEW YORK — Many middle-age and older adults in the U.S., Europe and Asia have serious concerns about their preparedness for retirement, but haven’t taken action for a variety of reasons, including a lack of confidence in their financial-planning abilities, according to a new survey.

Many people are averse to risk or confused about where to turn for help, according to Hartford Financial Services Group Inc.’s (HIG) second annual retirement survey.

“People age 45 and over across the globe have a fairly clear vision of their retirement. While their aspirations may differ, we found across the board, overwhelmingly, that they are worried they won’t have enough money in their retirement,” said Liz Zlatkus, co-chief operating officer at Hartford Life, in an interview with Dow Jones Newswires. “Yet, the surprising thing is that few have done anything about it; they are just not confident in their ability to plan for their future.”

The Internet survey of adults age 45 and older in the U.S., U.K., Germany, Japan and South Korea was conducted by market-research firm Opinauri this summer and gathered responses form 750 people in each country. It had a margin of error of plus or minus 3.5%.

Concerns about building a sufficient nest egg were widespread, the survey found. Some 79% of respondents in the U.S. indicated at least some level of concern about having enough money in retirement. In Japan, 87% expressed some level of concern, while 66% in the U.K., 69% in Germany and 65% in South Korea had some concerns.

Many people plan to continue working in some capacity when retired, the survey found. In the U.S., for example, 50% of respondents said they plan to work in their current job as long as possible; slow down, but continue working; or start a business or other venture while retired.

Crisis Of Confidence

Despite their concerns, however, many appear to be paralyzed by a crisis of confidence, the survey found. In the U.S., 42% of respondents indicated that they hadn’t taken action to improve their financial position for retirement in the past year.

“Even in the U.S. with all the education, with everything we see on the Internet and in the news media, they are still treading water financially in this regard,” sad Zlatkus.

But the paralysis appeared to be even more pronounced in both Japan and South Korea, where 70% said they hadn’t taken action in the past year, and in Germany and the U.K., where 62% and 51%, respectively, said the same.

“Why such a crisis of confidence?” asks Zlatkus. “This is where we continue to be surprised. Few people have a firm grip on their financial abilities; they don’t know where to turn for help, and as a result, they tend to be risk averse.” The results show that “there continues to be a very significant need for financial education,” she said.

A third of Americans, one in four British and three in 10 Germans said they lack confidence in managing their investments, according to the survey. Some 70% of Japanese and 47% of South Korean respondents said the same.

And in the U.S. and U.K., 41% and 59% of respondents, respectively, said they were risk averse when it comes to investing. But those in South Korea, Japan and Germany were even more risk averse. Some 79% of respondents in South Korea, 69% in Japan and 71% in Germany said they were highly risk averse.

Financial Advice

In addition, many don’t appear to know where to turn when it comes to obtaining credible financial advice, and that sentiment has increased since last year, the survey found. Some 27% of respondents in the U.S. said they didn’t know where to seek credible advice, up from 19% in 2006. In the U.K., 16% of respondents expressed that sentiment, up from 13% last year. In Japan, 44% didn’t know where to find credible advice, up from 38% in 2006, and in South Korea, 35% of respondents said the same.

Some people may turn to friends or relatives for advice, Zlatkus said, while others may look to the media, but it may provide information that is too general for retirement-planning purposes. “We believe that a financial advisor is a good solution,” she said.

There is good news.

“People believe that they are responsible for their own retirement finances,” Zlatkus said. When asked, “Who is most responsible for their financial success in retirement?” respondents overwhelmingly said themselves, she said. Investors realize that traditional sources of retirement income are drying up and that neither the government nor their employers will provide fully for them, she said.

“What I think is happening is that they’re really realizing it, and they’re somewhat paralyzed,” she said. “They understand they have to do it, but they don’t necessarily know how to do it; that’s why we think education is so important.”