Ireland Snapshot
Our research shows that retirement optimism in Ireland, although low, has risen significantly over the past two years. We explore why efficient defaults, retirement income, and advice accessibility are key areas that should be considered within existing DC plans — as well as the finalisation of My Future Fund.
Blueprint for Retirement Confidence: In Ireland
In 2018, we first launched our Global Retirement Reality Report — a global survey designed to better understand the expectations, hopes, fears and needs of Defined Contribution pension scheme members. Since the survey’s inception, members in Ireland have consistently reported low confidence in their retirement outlook. Encouragingly, our latest findings show that sentiment is shifting. Confidence among members in Ireland has risen notably since 2023. Still, nearly one-third remain pessimistic about their retirement prospects.
In this snapshot, based on the responses of 608 members of DC schemes in Ireland, we examine the key barriers that continue to hold members back from feeling retirement ready — and explore steps to help close the gap between today’s uncertainty and tomorrow’s financial security.
Optimism Is on the Rise, But There Is More to Do
Since the launch of our Global Retirement Reality Report, optimism of members already saving for retirement in Ireland has increased by 10% and the number of members reporting confidence around being able to retire when planned has increased by 12%.
Figure 1: % Confidence in Retiring When Planned
Compared to the UK, where auto-enrolment has been in place for over a decade, optimism among members in Ireland is improving at a faster rate. This upwards trajectory of sentiment may reflect growing awareness and anticipation of upcoming pension reforms on the horizon, as well as increased levels of retirement saving. Unsurprisingly, the majority (53%) of members in Ireland reported making no changes to their pension contributions over the last six months, however, 38% said they had increased their contributions — the highest proportion of members globally to do so.
"I think My Future Fund is a good idea because it encourages long-term savings and investment in one's future."
Figure 2: Awareness of My Future Fund
Despite this progress, uncertainty continues to undermine confidence. When asked about the factors that had most negatively impacted their confidence, respondents pointed to inflation and the rising cost of living, followed by broader concerns about the economy. Whilst members in other countries had concerns over the future of pensions policy, only 9% of respondents in Ireland ranked uncertainty around the launch of automatic enrolment as a top five factor limiting their retirement confidence.
“I am not entirely sure I can cover existing adult life, bills and buying a house - let alone my elderly support.”
“Flexibility is the key for me, it is hard to say now even at 50 years old what I want to be doing at 60-70+ so I need to be able to change those plans to suit the circumstances nearer the time. So many factors are constantly changing in my life that I'd just reassess every year. The support I need to get there is being able to see different forecasts / scenarios with my various pension investments so I can see what options I have available.”
“Career change and continue to work part time until at least my late 70s, with support needed for the retraining needed to achieve this.”
What Members Need From DC Plans in Ireland
Against this backdrop, we explored what DC plans need to offer to better support members — focusing on the features that matter most to them. By aligning plan design with member priorities, we believe there is a clear opportunity to continue the positive trajectory of retirement confidence among members.
Efficient Return Generation
For members in Ireland, maximising investment returns and minimising charges are top priorities above all else. As DC plans explore new investment approaches — such as sustainable investing and alternatives — members remain focused on outcomes. Only a minority of members placed importance on specific investment styles — domestic investment – (18%), digital assets (11%). In contrast, close to half (48%) said ‘maximising returns’ was a top investment priority.
Figure 3: Investment Priorities for DC Plans
Supporting this focus on return generation, more than half (57%) said a significant drop in their pension pot due to investment performance would discourage further saving. This makes it critical for DC plans to effectively diversify risks and employ strategies to smooth the return journey that members experience.
Income Options That Reduce Uncertainty at Retirement
Globally, numerous studies have highlighted the uncertainty members face regarding retirement options. Echoing this, our survey found that one in four members were unsure about their retirement savings plans when presented with options such as annuities, cash, and Approved Retirement Funds (ARF).
In addition, uncertainty as to how retirement savings will meet spending needs in retirement are top concerns for members in Ireland. Given this lack of clarity, it's no surprise that 52% of members in Ireland indicated they would likely keep their money in their existing retirement plan after retiring, provided the plan could offer them a reliable income.
Figure 4: Top Concerns for Retirement
Looking abroad, innovations in post-retirement solutions in the UK and US, highlight a growing need for more comprehensive support beyond the accumulation phase. As Ireland moves forward with the development of the auto-enrolment system, it is increasingly evident that the retirement saving system must evolve to address not only the savings phase, but also the decumulation journey.
Advice and AI: Guidance Gap or Opportunity?
While artificial intelligence is rapidly entering the financial advice space, our findings show that most members are not yet ready to trust AI with their retirement planning.
Figure 5: Openness to AI / Robo-advice
What emerged clearly, however, was a strong desire for more accessible guidance. Despite this need, usage of financial advisors remains limited. Just 10% of respondents in Ireland reported having spoken to an advisor in the past six months. The primary barrier? Cost — 50% said fees were too high.
“Honestly, I'd love to retire comfortably, travel, and spend time with loved ones. To get there, I need help with financial planning and discipline, plus some guidance on investing and saving strategies. A clear roadmap to retirement would be amazing!”
With traditional advice being an expensive option, digital solutions such as AI-driven planning tools and robo-advisors could potentially offer a scalable alternative. However, most members remain sceptical about trusting AI with their retirement planning. The opportunity lies in making digital tools more accessible, trustworthy — and tailored — while ensuring they include qualified oversight. When guided by human expertise and designed around member needs, technology could potentially help close the guidance gap and empower members with greater confidence.
From Cautious Optimism to Lasting Retirement Confidence
Members in Ireland are becoming more engaged and optimistic about their retirement futures, but challenges remain. As confidence begins to build, and the launch of auto-enrolment entails DC schemes become available to more individuals, it’s critical that DC plans and systems respond by evolving to meet the needs of today’s members. That means focusing on the fundamentals — strong returns, low charges, and diversified investment strategies — while also expanding support into the post-retirement phase and making guidance more accessible through both human and digital channels. By aligning plan design with what members truly value, there is a real opportunity to transform cautious optimism into lasting retirement confidence for members in Ireland.
At State Street Global Advisors, we work with DC plans to design strategies that align with evolving member needs by focusing on value, flexibility, and confidence-building solutions.
Please get in touch with us at Irelandinstitutional@statestreet.com to explore how we can help. Working together, we can help people turn their retirement hopes into reality.
Bridge the Retirement Confidence Gap
Don’t miss our global retirement study of more than 4,000 savers worldwide. Uncover the forces shaping sentiment, savings behaviors, and income expectations — and the ways institutions can play a vital role now in helping people turn their retirement hopes into reality.
About This Survey
Our global online survey, conducted during April 2025 with international data analytics firm YouGov, engaged a total of 4,371 individuals participating in workplace-sponsored savings plans (or the market equivalent) in Canada, Australia, Ireland,1 the UK and the US. Surveyed countries represent a range of retirement systems. Gender, age, and regional quotas were balanced to reflect employed populations within each country.
By gaining saver sentiment, we’re seeking to further our global goal of making retirement work for people, plans and policymakers in a changing world.