This view was shared among members in the other countries surveyed. Whilst we could take comfort from members not expecting a long-term negative impact, we are still in the early stages of the crisis with a great degree of uncertainty about the future state of the world.
Key Finding #4: COVID-19 is just one of the factors limiting retirement confidence
Whilst most thought that the financial impact of the crisis would be short-lived, 38% of the Irish sample said that the COVID-19 situation was having a high impact on their retirement confidence levels.
“Not sure if I will still have a job after COVID, so I won’t be able to continue to pay into my pension fund if I don’t have a job.”
However, other key factors impacting retirement confidence in Ireland were:
- No spare money to save for retirement
- Uncertainty about retirement plans
Key Finding #5: Changes are beginning to filter through to retirement savings plans
The majority of the Irish sample (65%) have not made any changes to the amount they save into their retirement savings plans since the pandemic began; however, almost a quarter (22%) said they have reduced or stopped their rate of saving, notably higher than the global average (13%). Interestingly, only 7% of our UK sample had done the same, suggesting the inertia that their auto-enrolment system leverages has been a successful tool for maintaining savings rates.