Far from receding in memory, the 2008 market crash is stillalive and well (make that ill) for a significant number ofbaby boomers and Gen Xers whosefinances really got hammered.

That’s according to a new study, “Generations Apart,” from Allianz Life InsuranceCompany of America, which looks at how baby boomers andGeneration X are facing theirfinancial future.

When asked about the crash, more than two-thirds (67percent) of Gen X and baby boomer respondents said they still feelthe impact in how they live, work, save, and spend.

But a subset of respondents is still suffering the effects ofthe 2008 crash in a far more drastic way.

These “post-crash skeptics,” as the study terms them, “appear …to suffer from a significant psychological impact on theirfinancial attitudes and behaviors, including lost confidence infinancial institutions and a switch to more conservativeinvestments.”

No surprise there—they have plenty of reasons. Read on to learnwhy.

The percentage of “skeptics” who said the crash still hauntsthem today is huge: a whopping 93 percent.

The group is made up of GenXers and boomers “who experienced sixor more major effects of the crash.”

These folks are so wounded by what happened to them that 93percent believe the traditional definition of retirement is now a“romantic fantasy of the past.” Among the overall population ofrespondents, just 84 percent—a high number in itself—said so.

Study respondents were asked a series of 13 questions aboutpossible experiences from the 2008 crash, including whether theirhome or 401(k) went down in value, whether they or a family memberlost a job and whether their savings and/or retirement planningwere affected.

One out of every five (20 percent) of all respondents repliedthat they’d experienced six or more of these events, identifyingthem as post-crash skeptics.

While 58 percent of both Gen Xers and boomers—a clearmajority—said the crash had fundamentally made them more cautiousand changed their thinking about risk and investments, thepost-crash skeptics felt that impact even more.

A full 83 percent of post-crash skeptics said the crash madethem more cautious in their financial strategy, which couldadversely impact their ability to effectively save forretirement.

Seventy-seven percent of skeptics have lost faith in financialinstitutions, compared to 38 percent of the overall respondentpopulation. In addition, 67 percent of skeptics now say they regardthe market as risky (compared with 32 percent of respondentsoverall), and 43 percent fled to more conservative investments orproducts, compared with 22 percent overall.

Half the skeptics said they’d incurred more debt after thecrash, compared with 23 percent of respondents overall, while 41percent said that they or a partner had lost a job.

That’s nearly three times the rate among overall respondents (15percent).

And 41 percent of skeptics stopped saving for retirement sincethe crash; that’s more than three times that of Gen Xers andboomers as a group.

And half (52 percent) don’t believe they’ll have the lifestylethey want in retirement, compared with 39 percent of respondentsoverall.