More than 1 in 4 Irish adults still don’t have a retirement plan in place, up from 1 in 5 last year – new CCPC research reveals worrying trend

September 15, 2025

More than a quarter of Irish adults (26%) still have no financial arrangements at all for their retirement, according to new research published today by the Competition and Consumer Protection Commission (CCPC). This has increased from 21% last year (one in five). The survey also found that almost one-third of pension holders regret not starting their contributions earlier.

Of those who do not have a pension in place, affordability and putting it on the long finger were cited as the top barriers, with 25% of respondents saying they can’t afford it (down from 30% last year), and 19% admitting they haven’t gotten around to it yet.

Just over one in three pension holders are unsure how pensions work (36%), and more than half lack confidence in their pension’s ability to provide a good standard of living in retirement. The research also found that less than half (46%) of those with a pension review their annual pension statement, down from 51% last year.

While 60% of Irish adults have some form of pension (61% in 2024), a significant 26% remain completely unprepared. Pension ownership is lowest among 18 to 24-year-olds (18%), but worryingly, 21% of those aged between 45 and 54 also report having no retirement arrangements in place.

Among the 26% of Irish adults with no retirement plan in place, the majority (61%) now expect to rely on the State Pension to fund their retirement — a noticeable increase from 53% in 2024 and 43% in 2023. This growing dependence on the State Pension is accompanied by a sharp decline in expectations around rental income, which dropped from 22% in 2022 to just 9% in 2025, suggesting a significant shift away from property-based retirement strategies and highlights increased vulnerability among those without private pension arrangements.

Grainne Griffin, Director of Communications at the CCPC, said:

“This year’s research confirms that Ireland’s pensions gap remains a concern, even among those just a decade or two away from retirement. With over a quarter of adults still without any retirement plan in place, and others regretting not starting sooner, the message is clear: it’s never too early, or too late, to take action.”

Retirement expectations are also shifting with only 19% expecting to retire at 65, compared to 25% in 2024, while a similar proportion of men and women, 20% and 21% respectively, now expect to work until age 70 or beyond.

Financial advice continues to be underused, with 66% of those surveyed stating that they have never spoken to a financial advisor about their retirement plans.

Grainne Griffin added:

“It’s really important to take control of your financial future. Figure out how much you’ll need in retirement and what you can afford to contribute now. A good rule of thumb is to aim for a retirement income of 50–60% of your pre-retirement income.

“We would strongly advise people to speak to a regulated and qualified financial advisor who’ll be able to guide you, no matter where you are on your pension journey – 95% of those who have spoken to an advisor have retirement arrangements in place. Always check if they’re authorised by the Central Bank of Ireland to ensure they’re legitimate – you can find the Central Bank’s list of regulated financial advisers, and other financial service providers, on their website at registers.centralbank.ie.”

For more information on pensions, including explainer videos, visit ccpc.ie/pensions

View the full report and findings at CCPC Pensions Research 2025.

ENDS

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