askpaul Reveals Results of Comprehensive Annual National Pension Survey
Survey reveals a startling knowledge gap with 79% not knowing how much money they will need for retirement.
In the latest survey conducted by askpaul, a leading financial advisory firm, surprising findings on pension awareness and retirement preparedness have been revealed.
The research conducted among a diverse demographic, aimed to gauge the public’s perception regarding state pension adequacy, degrees of retirement savings, awareness of the Auto-Enrolment Scheme, financial readiness for the golden years and retirement aspirations.
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.
Startling Knowledge Gap
A staggering 79% of respondents confessed to lacking clarity on the amount of money required to sustain their desired lifestyle post-retirement. Not having clarity on retirement finances can lead to significant financial stress and anxiety in later years. It may result in inadequate savings, reliance on the state pension, which 98% of respondents say will not be enough to support them after retirement, or even the need to continue working past retirement age.
Average Retirement Plan Not Adequate to Fund Desired Retirement Lifestyle
The survey uncovered a varying range of retirement savings among respondents. A majority (56%) have less than €100,000 saved, highlighting a significant portion of the population facing retirement with limited funds. The average pension in Ireland for 2024 is €111,000 according to the CSO, indicating that many are falling short of this benchmark.
Furthermore, a high percentage (68%) of respondents admitted they don’t check how their retirement money is invested to match their retirement plans.
Lack of Preparation for the Auto-Enrolment Scheme
51% indicated awareness of the upcoming pension auto-enrolment scheme although 79% admitted to not yet initiating preparations for its implementation.
Retirement Lifestyle: Embracing Travel and Quality Time
Among respondents, the desire to travel more and spend quality time with family and loved ones emerged as the dominant retirement goal.
Paul Merriman, CEO of askpaul, commented on the findings, stating, “The insights obtained from our 2nd National Pension Survey underscore the pressing need for individuals to actively engage in retirement planning and investment management. It is evident that there is a significant gap between retirement aspirations and financial preparedness.”
He added, “At askpaul, we are committed to empowering individuals with the knowledge and tools necessary to secure a financially stable retirement. Through informed decision-making and strategic planning, we aim to assist our clients in realising their retirement dreams.”
