People outside Dublin are less likely to have a pension than those living in the capital, according to a new survey commissioned by Pensions Awareness Week .
The national survey showed a regional disparity between pension savers, with 63% of people in Dublin holding some form of pension product, a figure that drops to 54% of people living outside the capital.
The research surveyed more than 1,000 people nationally in late August and early September 2022. It was conducted by Behaviour & Attitudes (B&A) on behalf of Pensions Awareness Week 2022 (PAW22) ahead of the event which runs all this week to tomorrow Friday.
The survey also found that more than two in five people in Ireland without a pension have either delayed starting one or delayed their planned retirement date due to the cost-of-living crisis, according to a new survey commissioned by
And another four per cent have actually cashed in their pensions in order to deal with soaring energy and other costs.
Some of the key findings show that 43% of people in Ireland hold no form of pension product, with almost two-thirds (63%) of that cohort reporting that they can’t afford to both save for retirement and meet their monthly bills. That figure rises to 72% among those aged 35-49.
A total of 31% of those without a pension say they have delayed starting a pension due to the rising cost of living, and a further 11% have pushed out their retirement date for the same reason. Another four per cent have cashed in their pensions.
Of those with a pension, the increase in the cost of living has not impacted retirement savings for the large majority (69%). However, 18% have either halted their payments, delayed their planned retirement date, reduced their pension contributions, or cashed in a pension product — due to the cost of living.
The survey also shows that just under two in five (38%) already know they won’t have sufficient money saved for retirement with the same number believing they will need to work longer than they intended due to an insufficient pensions.
Yet only one in ten of those without a pension have ever discussed retirement options with their workplace. And, even among those with a pension, attention to its performance is low with one in five having never checked what funds their pension is invested in.
Other key findings in the survey include:
· Fewer than one in five of those without pensions have calculated how much money they need in retirement. Only one in 20 have sought advice from a financial provider on pensions – or discussed retirement options with their workplace.
· Women are less likely to have a pension than men, with just 48% of females reporting having some form of pension product versus 65% of men.
· Of those with pensions, just over one in four have ever checked its current performance and just over one in five have calculated how much money they need in retirement.
· Nearly two-thirds of those aged 25-49 are open to hearing about pensions but find it too complicated to understand.
Now in its fourth year, PAW22 is designed to raise awareness about retirement planning and to help people take charge of their long-term savings. Backed by a host of businesses, PAW22 is an initiative from Moneycube.ie, experts in the pensions industry.
Some of those participating PAW22 include Aviva, Irish Life, Royal London Ireland, Zurich Life, Lidl, Davy, ISME – the Irish SME Association, the Pension Authority, the Retirement Planning Council of Ireland, Life Insurance Association of Ireland, Brightwater Recruitment Specialists, the Irish Association of Pension Funds, Insurance Ireland, Parents and Brands, Allen Retirement and Finance, and the founders, Moneycube.ie.
Virtual sessions will cover pension-related topics such as Financial Wellbeing for Women, Starting a Pension, Keeping Your Pension on Track, Approaching Retirement and Pensions & Benefits for Business Leaders. Registration for a number of these sessions is completely free.
Moneycube.ie is also offering free 20-minute consultations on your savings and investments during PAW22.
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