Retirement Readiness in Ireland: Two Years, Two Surveys, One Clear Message
The state of pension preparedness in Ireland has never been more under the microscope. Two recent national surveys conducted by askpaul, one in August 2024 and another in May 2025 reveal a stark, consistent truth: while most Irish adults have a pension, many remain unprepared, uncertain, and under-informed when it comes to their financial future.
Let’s explore what they mean for Ireland’s retirement outlook.
2024 vs 2025: A Nation Engaged, But Not Empowered
Over the course of just nine months, askpaul conducted two nationwide pension surveys to assess Ireland’s retirement readiness. The comparisons between the 2024 and 2025 data are both enlightening and alarming.
Pension Participation Is Up; Confidence Is Not
In August 2024, 76% of respondents reported having a pension. By May 2025, that figure jumped to 84% a clear sign that pension engagement is growing, likely influenced by increasing awareness of the government’s upcoming Auto-Enrolment scheme.
But while more people are getting on board, confidence remains critically low:
| Metric | August 2024 | May 2025 |
| Believe they’re saving enough | 30% | 29% |
| Feel “very confident” about retirement | 5% | 4% |
| Expect to work past age 66 | 37% | 39% |
More pensions, yes but less confidence.
Knowledge Gaps: The Numbers Don’t Lie
The surveys highlight a growing disconnect between how much people are saving and what they’ll actually need to retire comfortably:
| Metric | August 2024 | May 2025 |
| Don’t know how much they need for retirement | 74% | 79% |
| Have less than €100,000 saved | 53% | 56% |
| Don’t check how their pension is invested | 65% | 68% |
| Unaware of pension plan fees | 55% | 57% |
Despite media coverage and government initiatives, the pension literacy gap is widening.
One of the most telling figures? The average pension savings in Ireland is approximately €111,000 but for most people, this is far from sufficient. Here’s why:
- Rising life expectancy means many retirees could spend 20–30 years in retirement. €111,000 spread over 25 years equates to just €4,440 annually, or €370 per month before tax.
- The state pension (approx €15,000 per year) helps, but when combined with the average private savings, the total annual income often falls short of replacing even 50% of a working salary.
- Inflation and healthcare costs further erode retirement income over time.
- Retirement isn’t cheap many aspire to travel, help children financially, or simply maintain their current quality of life. €111,000 won’t stretch that far.
Without a clear savings strategy and better understanding of actual retirement needs, many Irish adults risk a significant drop in their standard of living later in life.
The State Pension: A Failing Safety Net?
Confidence in the state pension is eroding:
- In both surveys, a staggering 98% of respondents said they do not believe the state pension will be enough to support them in retirement.
This sentiment reinforces the urgency for private savings, education, and advice.
Auto-Enrolment: Ireland’s Great Hope?
The upcoming Auto-Enrolment scheme (set for 2026) is widely anticipated, but the 2025 survey shows mixed preparedness:
| Metric | August 2024 | May 2025 |
| Aware of Auto-Enrolment | 51% | 72% |
| Not prepared for implementation | 79% | 79% |
Awareness has improved, but preparation remains stagnant.
Retirement Aspirations vs Reality
The surveys also explored what Irish adults want from retirement and what they’re realistically preparing for.
Top retirement goals:
- Travel
- Spending time with family
- Living a stress-free lifestyle
Yet for many, these dreams are out of financial reach due to under saving, low engagement, and a lack of professional guidance.
Key Takeaways: A Consistent Call for Action (2024–2025)
- More people have pensions (up 8%), but confidence has declined slightly.
- Pension literacy is stagnant or worsening across most key indicators.
- Most adults underestimate how much they’ll need, with nearly 4 in 5 still unsure.
- Professional financial advice remains underutilised, with 67% never having consulted an advisor.
As Paul Merriman, CEO of askpaul summed up:
“There’s a significant and growing gap between retirement goals and financial preparedness. These surveys show we’re not just under-saving—we’re under-thinking.”
What You Can Do Now: Awareness. Advice. Action.
Whether you’re just starting your career or nearing retirement, here are 5 steps you can take today:
- Check your pension balance and projected income.
- Review your fees—they may be eroding your savings.
- Speak to a financial advisor to build a strategy.
- Use a retirement calculator to determine how much you’ll really need.
- Educate yourself about the Auto-Enrolment scheme and other supports.
Conclusion: Retirement Planning Can’t Wait
Two surveys, two years, one truth: Ireland isn’t ready for retirement. But with the right tools, education, and support, that can change.
Don’t wait. Talk to us today.
Your future self will thank you.
Author’s Note: This article is based on findings from askpaul’s National Pension Surveys conducted in August 2024 and May 2025, highlighting year-on-year trends in pension awareness, savings behaviours, and retirement readiness across Ireland.
