44% of adults in Connaught and Ulster feel unprepared for retirement

The latest Retirement Pulse survey, released by Standard Life, highlights critical gaps in retirement planning among people in Connaught and Ulster.

The research, which runs quarterly, offers a comprehensive look at the current state of retirement planning and the retirement experience across Ireland.

The results shed light on growing concerns among Connaught and Ulster adults about their financial preparedness for retirement and highlights the urgent need for more open conversations and enhanced pension engagement and retirement planning education.

Key Findings are that 71% of respondents consider employer contributions to their pension as essential or very important when considering a job change.

People living in Connaught/Ulster also believe 20-24 years old is the right time to start a pension.

Only 67% of respondents are either unaware or only slightly aware of the government's auto-enrolment plan, while 78% feel they haven't received enough information about this plan.

On average people in Connaught /Ulster expect to retire at 65.1 years, higher than the national average and the other regions.

Of that, 44% feel financially unprepared for retirement. Just over half meanwhile feel they are prepared to keep engaged with activities and a sense of purpose, 4% higher than the national average.

One in three feel they know how much they need in their pension/retirement fund to live comfortably.

A significant 54% though prefer to take less investment risk even if it means lower returns, while only 17% are willing to take riskier investments for potentially higher returns.

Only 15% agree that they think of themselves as investors, reflecting low engagement with investing.

In the past six months finally, 41% have taken any significant financial action, such as consulting a financial adviser or increasing pension contributions.

Notably, only 4% increased pension contributions, indicating possible constraints or lack of prioritisation.