76% ‘in denial’ about pension funds shortfall

THREE out of every four Irish people on the verge of retirement will be almost completely dependent on state pensions, a study has revealed.

Research by insurer Aviva Ireland has claimed that, despite the country’s perilous financial position, the majority of people who are within 10 years of retiring do not have the savings or private pension income to meet their needs.

The study — based on research across seven European nations — said 76% of Irish people surveyed are “in denial” about the health of their personal finances, which are continuing to be hit by government cutbacks.