The majority of Gen X and Gen Y admit to having little or no knowledge about financial products and services, according to a new study by Limra, a worldwide research organization.

Sixty percent of those born between 1965 and 1980, which is Gen X, and 54 percent of those born between 1981 and 1992, Gen Y, say they are not knowledgeable about finances, according to Limra’s study, "Sowing the Seeds for Retirement: Gen X and Y Market," released yesterday.

Those in the survey, which included 1,700 Gen X and Y members, working with an advisor felt more confident about their retirement prospects.

Limra’s study found that Gen X and Y consumers have little tolerance for investment risk, even though many financial experts say people early in their careers should invest more aggressively to achieve their long-term financial goals. Those who worked with a financial professional had a higher tolerance for investment risk.

“Our research indicates that few of these consumers are taking full advantage of the retirement savings vehicles available to them,” says Alison Salka, corporate vice president and director of Limra retirement research.