Almost half of adults do not have a private pension - study

Almost half of adults do not have a private pension - study

A study has found that nearly half of adults do not have have a private pension.

The poll of 634 people carried out online between September 20 and October 8 by Cork-based Blueprint Financial Planning has found that over 45% of adults surveyed have not taken out a private pension.

Of those who had taken out a pension, most had done it by the age of 35, with only 8% waiting until they were older.

The same survey recorded that 60% were not confident their pension pot would be enough, compared to just 35% who said they were confident.

John O’Driscoll of Blueprint Financial Planning said: “Our Pension Snapshot for 2019 shows the true scale of the problem facing Ireland as its population continues to age.

Within 20 years, the number of pensioners in Ireland will be close to 1.5 million, and our state system will struggle to cope.

"Irish people have long put off talking about private pensions, and this survey is a wake-up call that we need to collectively have that conversation”.

Meanwhile, the same survey found that 80% want the rules and regulations surrounding pensions to be more consumer friendly.

Also, 59% of respondents said their other half knew “little or nothing” about their pension plan, while only 24% knew the “brush strokes”.

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