Insights from askpaul’s 2nd National Pension Survey

05 Jun, 2024
Insights from askpaul’s 2nd National Pension Survey

Key highlights from the survey include: 

  • A whopping 98% believe the state pension is insufficient to support them in retirement 
  • 79% don’t know how much money they will need in retirement 
  • 56% have less than €100,000 saved which is less than the average amount in retirement savings in Ireland in 2024 
  • 68% do not track how their retirement funds are invested, which could put their financial future at risk. 
  • 44% expressed uncertainty about understanding the available retirement saving options.  
  • 79% admitted to not being prepared for the implementation of the upcoming pension auto-enrolment scheme. 


In today’s busy world, planning for retirement often gets forgotten. But not being ready for retirement can cause big problems later on as highlighted by the latest findings from our Comprehensive Annual National Pension Survey. 


The survey aimed to uncover insights into pension awareness and retirement readiness. The results, though revealing, painted a concerning picture of the general populace’s level of preparedness for life after work. 


Startling Knowledge Gap 

One of the most striking findings from the survey is the overwhelming lack of clarity regarding retirement finances. A staggering 79% of respondents admitted to being uncertain about the amount of money needed to sustain their desired retirement lifestyle. This knowledge gap can lead to significant financial stress and anxiety in later years, potentially resulting in inadequate savings or continued reliance on the state pension, which 98% of respondents deemed insufficient to support them in retirement. 


Average Retirement Plan Not Adequate 

The survey also shed light on the different degrees of retirement savings among respondents. Alarmingly, 56% reported having less than €100,000 saved, well below the average pension in Ireland for 2024, which stands at €111,000 according to the CSO. This indicates that a considerable portion of the population may face retirement with limited financial resources. Also, the fact that 68% of people don’t keep track of where their retirement money goes shows how important it is to manage money well. 


Lack of Preparation for Auto-Enrolment Scheme 

Another concerning finding is the lack of preparation for the governments upcoming pension auto-enrolment scheme. While 51% of business owners indicated awareness of the scheme, a significant 79% admitted to not yet initiating preparations for its implementation. This highlights a critical need for greater education and awareness campaigns to ensure individuals are adequately prepared for the changes ahead. 


Retirement Lifestyle: Embracing Travel and Quality Time 

Despite the financial challenges associated with retirement, respondents expressed a strong desire to prioritise experiences such as travel and spending quality time with family and loved ones. This highlights the importance of not only financial planning but also lifestyle planning to ensure a fulfilling retirement. 


In response to these findings, Paul Merriman emphasised the importance of active engagement in retirement planning and investment management. He stressed the need for individuals to bridge the gap between retirement aspirations and financial preparedness through informed decision-making and strategic planning. 


In conclusion, the findings of our National Pension Survey serve as a wake-up call for individuals to take proactive steps towards securing their financial future. By addressing the knowledge gap, increasing savings, and preparing for upcoming changes, individuals can start their retirement journey with confidence and optimism. 


Have a chat with our experienced financial advisors for personalised recommendations based on your personal circumstance


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