79% of Irish Adults Are Uncertain About Retirement Savings  

27 Jun, 2024
79% of Irish Adults Are Uncertain About Retirement Savings  

The 2nd askpaul National Pension Survey revealed that an astounding 79% of Irish adults are unsure about the amount of money they will need to retire. This is a stark reminder of the urgent need for stronger retirement planning support across the country. The survey results highlight widespread uncertainty around retirement preparedness among many Irish adults. However, as much as people now appreciate the immense significance of saving towards their golden years, most respondents still admitted that they do not have a clear understanding of their own financial requirements during retirement. 

Key Findings: 
  • Uncertainty: 79% of participants in the survey do not know how much money they need to save for their retirement safely. 
  • Shortage of Savings: A lot of respondents have not yet started saving for their retirement, or think that what they are doing is insufficient. 
  • Need for Assistance: Majority of the surveyed persons indicated a wish for professional advice to manage and understand their future requirements prior to retirement. 
Why This Is Happening: 
  • Insufficient Financial Education: Many individuals lack access to thorough financial education making them unable make sound decisions pertaining to their retirement savings. 
  • Complexity of Retirement Planning: Without professional guidance, it can be overwhelming to predict future expenses and diversity in types of retirement savings plans available. 
  • Procrastination: Retirement seems like something far off into the future according to most people who don’t plan towards it and thus delay such plans into the distant future. 
  • Start Early: The sooner you start saving for your retirement, the longer your money will have to grow. Small and regular contributions can make a big difference over time. 
  • Set Clear Goals: Decide on how much money you will need when you retire depending on what kind of life you want to lead in terms of expenditure, possible medical costs and other things. There are retirement calculators available that can give you an estimate of your retirement needs. 
  • Seek Professional Advice: Personalised retirement schemes can be developed through financial consultants. Consult with these experts who will explain to you about the alternative measures available. 
  • Review and Adjust: Periodically review your retirement plan and adjust it where necessary. Changes in life such as marriage, children or career change may affect your goals for retiring. 
  • Educate Yourself: Information on financial education is available which can help improve understanding about retirement planning. Thus, knowledge is vital when making wise economic decisions. 


At askpaul we aim to make the pension process clearer by giving practical advice that anyone can act upon and ultimately lead them to secure their financial futures.  


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