Three out of four say state pension insufficient to live on

THREE out of four adults say that without private pensions they would not be able to live off the state pension.

Another 79% said being able to buy gifts for their children and grandchildren would be very important to them after they retire.

The findings are contained in research conducted for AIB by RED C Research.

The highest percentage of respondents (82%) stressed the importance of being able to stay in touch with family and friends.

In that sense being able to continue to pay their phone bills loomed larger in their list of retirement priorities, the survey found.

Half of the 1,000 who took part in the survey said they would not wish to be deprived of their cable/ satellite TV or holidays abroad, after they quit work.

Given the issues involved, about 55% said they would appreciate advice on how much they need to save to afford the things that are important to them after they finish with their working lives.

A separate cross border study meanwhile has found that with major public spending cuts looming across the island considerable fear exists among older people they are facing into a period of reduced incomes, higher taxes and cuts in services.

This is according to research by the Centre for Ageing Research and Development (CARDI).

It found however that the rate of older people at risk of poverty in the Republic has fallen to just over 11% from 24.7% in 2004.

Despite that change the findings showed that many pensioners remain vulnerable to any changes to income. It found also more pensioners in Northern Ireland were at significant risk of poverty compared with both their Republic of Ireland and British counterparts.