CCPC Pensions Research 2023
Summary
CCPC research on retirement planning shows many Irish adults remain unprepared, particularly younger people, though some older adults also lack plans. Cash savings play a growing role, knowledge of the State pension is limited and there is strong support for compulsory pension contributionsPublication details
- Publication date:3 September 2023
- Industry:Financial and insurance services - L
- NACE code:Insurance and pension services - L.65
Documents
Research report pensions 2023PDF | 386 KBResearch report pensions 2023 PDF | 386 KB - Opens in new window
The Competition and Consumer Protection Commission (CCPC) commissioned Ipsos to conduct research in July 2023 to understand how Irish adults are preparing financially for their retirement, and to track changes since similar research was carried out in July 2022.
- While most of those with insufficient retirement planning are from younger age groups, around 1 in 10 of 45 to 64 year olds do not currently have any form of retirement planning.
- Cash savings play a strong role in retirement planning with 57% intending to use these (higher than in 2022). This is particularly relevant for men (64%) and those in social class AB (76%).
- As in 2022, 8% have no retirement planning in place and do not know what funding they will use in retirement. This is highest among 18- to 24-year-olds (22%), social class DE (17%) and women (10%).
- 25% cannot identify how much the basic state contributory pension pays, and 37% underestimate the amount paid. 22% correctly identify that it pays between €250 and €266 per week.
- Almost 7 out of 10 would be willing to pay automatic contributions into a compulsory pension scheme. There are similar levels of willingness among those with no current pension as well as across all social-demographic groups.
