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PENSION OWNERSHIP IN Ireland has increased by 25%, according to a new survey.
A controlled survey of 1,000 respondents by Standard Life found that ownership of a rainy day fund has increased from 40% to 50% since 2010.
Many Irish people would have put pension cover on the back burner since the dark days of the end of the last decade, but it seems that future-planning is coming back into vogue.
“It’s the first time pension ownership has hit 50% since the downturn in 2008,” said Brendan Barr, head of marketing at Standard Life.
We also believe there is increased awareness about the need to save as early as possible and that the average person is not saving enough.
Some of the key findings of the survey are:
“People still need to save more,” says Barr.
Even if you include the state pension, which is about €12,000 per annum, many people will not be able to live comfortably on less than €20,000 a year.
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Would love to be able to save for a pension, my priority is paying my mortgage, bills, childcare and if I have anything left it goes to saving for the kids education. I even went to a pensions advisor and he couldn’t find anything to ‘cut back on” only the savings I have for my children!!!
That’s why many people just have the 1 child these days. People cannot afford to have anymore.
I doubt any politician would be satisfied with €6,000/annum.
Bertie awarded that to himself each week. The Irish Elite screwing the Irish.
If €6,000 is the average and you take out the large politicians type pensions I wonder what the average workers pensions is?!
@Vladimir
What’s that got to do with the price of turnips ??
A private pension has nothing to do our elected representatives .. this is an important story to show people not to put all their eggs in 1 basket when it comes to pensions.
Ive discussed this with so many wealth managers and financial planners at all the big banks and the opinion is the same. For people 18-35 the concept of Pensions are DEAD unless you’re in a solid government backed job (even then if you’re in any vulnerable country Portugal/Spain/Greece or in the USA in any that’s city or state pension program that’s not federally backed) you stand a good chance of being screwed.
Generation Y is going to have to be prepared to retire a lot later and put a lot more money aside.
Defined benefit private pension schemes are basically dangerously risky/underfunded pyramid schemes that the base is rapidly collapsing out of. Meanwhile governments see private pension savings as a juicy previously untaxed way to narrow budget deficits and fund their own pension funding problems.
What about DC pensions?
First time I have ever given you a green thumb Drew I think your starting to see the light.
By the looks of it many of this generation will never have a pension unless your a civil servant
And there is a whopping €95 billion hole in their pension pot.
Don’t worry, David, we’ll all cover it.
Why save yourself, the taxpayers will pay for my retirement even though I’m only retiring from the scratcher.
Spiralling Rents, Rates, Childcare etc etc AND you must save for your retirement. 50% of irish people are earning 30k or less. Good luck saving anything when the wages being paid wont rise
Is 1m fund for 30k a year still a good rule of thumb?
Currently you need circa €27 in your fund for every €1 of pension paid via an annuity. DC pension
Still about right
Join a political party and that wll be bumped up 20 times that plus most of yor pension will in fact be funded by the taxpayer and not your own contribution.
have your say