Majority of Irish respondents are not optimistic about retirement
Uncertainty is greatest as people are approaching retirement
Ownership and awareness are vital for auto-enrolment to work beyond the point of inertia
Publication of the Government Roadmap to Pensions Reform recently set out what we believe are important measures to improve the financial security of Irish people in retirement.
An important part of the Government Roadmap is the introduction of a mandatory or quasi-mandatory retirement savings system.
As we approach these milestones for pensions reform, we believe the key to any retirement system design is understanding the members. What are their experiences? What are their spending patterns? What are their perspectives on actual needs?
By delving into some of these issues, we hope to show some useful findings about the Irish population, as well as some lessons from across the globe.
Here’s a preview of a few of the findings:
The majority of Irish respondents were not optimistic about their retirement
However good or well-established the DC system is, the majority of Irish respondents reported low confidence. We also found that confidence levels in Ireland fell far below those of the US, and, probably a little surprisingly, marginally ahead of the UK, both of which have significantly higher participation rates.