"More than one in four adults still do not have a retirement plan in place, according to research commissioned by the Competition and Consumer Protection Commission (CCPC). The survey, by Ipsos B&A, found that 26pc of respondents have no financial arrangements at all for their retirement. This is an increase from 21pc last year, or one in five. The survey also found that almost one-third of pension holders regret not starting their contributions earlier."
"Affordability and "putting it on the long finger" were cited as key barriers by those who do not have a pension in place. Around 25pc of respondents said they can't afford it, and 19pc admitted they have yet to get around to sorting out a pension. Just over one in three pension holders are unsure how pensions work. Approximately six in 10 Irish adults have some form of pension."
Twenty-six percent of adults have no financial arrangements for retirement, up from 21% last year. Nearly one-third of pension holders regret not starting contributions earlier, and just over one-third are unsure how pensions work. Affordability and procrastination are major barriers: 25% say they cannot afford a pension and 19% have delayed setting one up. Less than half review their annual pension statement, and more than half lack confidence that their pension will provide a good standard of living. Pension ownership is lowest among 18- to 24-year-olds, with 21% of 45–54-year-olds also lacking arrangements. Expectation of rental income for retirement has fallen sharply from 22% in 2022 to 9% in 2025, increasing vulnerability among those without private pensions.
Read at Irish Independent
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